Arvind Fashions (AFL) on Tuesday said its subsidiary Arvind Lifestyle Brands has received Rs 260 crore from Flipkart India to pick a minority stake in another group firm Arvind Youth Brands. Arvind Youth Brands is Arvind Fashions’ recently-formed subsidiary which will own the Flying Machine brand.
“…After completion of the customary conditions precedent, Arvind Lifestyle Brands Ltd, a subsidiary of the company, received Rs 260 crore from Flipkart India as consideration for the sale of a significant minority stake in Arvind Youth Brands, another subsidiary of the company,” Arvind Fashions said in a BSE filing.
According to a PTI report; Earlier this month, Arvind Fashions had informed exchanges that Flipkart Group had invested Rs 260 crore to pick a minority stake in its subsidiary Arvind Youth Brands.
Flying Machine has been retailing on the group’s platforms of Flipkart and Myntra for more than six years.