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

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.

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.