Barcelona founder acquires majority stake in Aarvee Denims and Exports
11 September 2024, Mumbai
Along with other investors, the founder of men's fashion brand Barcelona, Jaimin Gupta has acquired a majority stake in Gujarat-based Aarvee Denims and Exports.
Equipped with a production capacity of 85 million meters per annum, Aarvee Denims and Exports registered a significant decline in its sales during FY24. From Rs 751.56 crore in FY19, the company’s sales declined to Rs 91.33 crore in FY24.
Founded in 2015 by Gupta, men’s fashion and apparel brand Barcelona is owned by Stitched Textiles which has over 125 franchise stores apart from its B2B app where it sells its stock wholesale to apparel retailers. The company manufactures 1.2 million fabrics for suiting and shirting and 2.2 lakh garments for men’s wear.
In FY24, overall retail sales growth rate in India across segments such as apparel, footwear and quick service restaurants (QSR) slowed to 4-7 per cent Y-o-Y every month, reflecting comparatively weaker consumer sentiment.
A significant attraction for apparel brands, especially with youngsters increasingly embracing western-style clothing, the Indian market is however, getting increasingly crowded as most global rivals from Zara and H&M to Uniqlo and Gap are setting up their stores in the country.
India is the also world's second-largest exporter of textiles and apparel with a massive raw material and manufacturing base.
