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Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm

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Arvind Youth Brands is Arvind Fashions’ recently-formed subsidiary which will own the Flying Machine brand.

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  | Photo Credit: Reuters


Arvind Youth Brands is Arvind Fashions’ recently-formed subsidiary which will own the Flying Machine brand.

Arvind Fashions (AFL) on Tuesday said its subsidiary Arvind Lifestyle Brands has received ₹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 ₹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.

Earlier this month, Arvind Fashions had informed exchanges that Flipkart Group had invested ₹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.

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