Through this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points.
“Flying Machine is a brand that is known in households across India, popular with the youth and synonymous with value and style. 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 and enhance the strong brand equity that has been built over the last few decades,” said Kalyan Krishnamurthy, chief executive officer of the Flipkart Group.
The transaction is subject to customary conditions precedent. Metta Capital Advisors acted as the financial advisors to AFL for this transaction.
“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. Given the strong existing relationship with the Flipkart Group, and their presence in online fashion, it was an obvious choice for us to enter into this engagement through which Flipkart and Myntra will be our preferred online partner for the Flying Machine brand, while we continue to grow our offline sales through channels like exclusive brand stores, department stores, and multi-brand stores,” said J. Suresh, managing director, and chief executive officer of Arvind Fashions.
This content was originally published here.