VF Corp., the US-based jeans and casualwear manufacturer present in India through a joint venture with Arvind Mills, has dismissed media reports of it buying out Arvind’s stake in the joint venture over poor retail performance and ‘relationship issues’ between the two partners.
Besides, the company hopes to introduce more international brands including North Face, Vans, and Napapijri from its global portfolio by next year.
Speaking on its plans, Aidan O’Meara, president, VF Asia Pacific, said: “In the fullness of time, given the right opportunity and timing, potential is there in India for a majority of VF’s brands to be launched here.”
VF Arvind is also planning to set up jeanswear ‘destination stores’ that will sell both Lee and Wrangler. “Both these brands drive ‘overall business’, contributing about 80 per cent of the company’s sales turnover. A large-format model store of about 4,000 square feet will be set up in Bengaluru in 8-12 weeks,” Kanchan Pant, managing director, VF Arvind Brands, informed.
“We want to use large retail spaces productively. We will go to the market with a combined destination store in Bengaluru which will be a compelling proposition for consumers. VF has done this in Europe successfully,” Pant added.
Speaking about their strategies on the retail market in India, O’Meara said, “The retail market was hot last year. Whether this will continue and whether the market can sustain it, is still uncertain. There is no change in our strategy in India. We are not contemplating buying out Arvind’s stake.”