Arvind Fashions has given the mandate to expand and grow its brands in smaller cities to its newly appointed managing director, Shailesh Chaturvedi.
As per Economic Times, ArvindFashions is raising Rs 200 crore to strengthen its balance sheet this year. In the fiscal, the retailer pruned its portfolio of brands and exited some, including Gap, The Children’s Place and Hanes in a bid to cut losses. In July, Walmart-owned Flipkart had picked up about 27% stake in AFL’s newly formed subsidiary Arvind Youth Brands, which owns denim label Flying Machine.
The casual and denim player, however, expects full business recovery by mid-year paced by the ongoing vaccination drive. It registered 80 per cen recovery in the third quarter ended December driven by good festive season and winter sales.
Owned by Ahmedabad-based textile manufacturer Arvind Ltd, Arvind Fashions started operations in 1993. Currently, the BSE-listed company is present through 1,200 exclusive brand outlets, 14,000 multi-brand outlets and 3,400 large format stores.