Arvind Fashions pockets Rs 260 cr from Flipkart

 Arvind Youth Brands is Arvind Fashions’ new 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.