Arvind Fashions (AFL) on Thursday said Flipkart Group has invested Rs 260 crore to pick a minority stake in its subsidiary Arvind Youth Brands.
Arvind Youth Brands is Arvind Fashions’ recently-formed subsidiary which will own the Flying Machine brand.
“The Flipkart Group and Arvind Fashions (AFL) strengthened their partnership, through an investment of Rs 260 crore by Flipkart Group to purchase a significant minority stake in… Arvind Youth Brands which will own the Flying Machine brand,” AFL said in a regulatory filing.
Arvind Fashions said Flying Machine has been retailing on the group’s platforms of Flipkart and Myntra for more than six years.
“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,” the company added.