Walmart owned Flipkart has invested in Arvind fashions hoping to get a minority stake at the company. The company which is subsidiary to Arvind Youth Brands is looking to expand on online platforms now that people are looking for safety over experience.
As the Economic Times reports, Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group said, “Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products.” He further added that flying machines are indeed a brand that people know across India.
Flipkart is eying the business and profit margin expansion of flying machines as the CEO himself said that they look to double the market presence of the brand, which is currently 500 crores. Analysts have already shared that Flipkart is updating its fashion portfolio as it combined with Myntra earlier and has a comfortable lead against Amazon.
“The partnership with the Flipkart group will help us accelerate our online growth strategy as we focus our efforts on developing an omnichannel retail approach for Arvind Youth Brands and Flying Machine,” J Suresh, MD & CEO at Arvind Fashions, told the Financial Express. In comparison to other sectors, e-commerce has steadied up faster after the COVID-19 break. Having said that, only 65% of the pre-COVID sales were recovered online. At this time when fashion was the worst hit segment in online shopping, mid-priced brands are looking for revival as they collaborate with shopping platforms and fix a sales pattern that lets the users to them.
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