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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.

According to a PTI report; 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.

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“Raymond has announced the reinforcement of its management team at Raymond Lifestyle with the appointment of Joe Kuruvilla as the Chief Executive Officer,”the company said in a regulatory filing.

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Swedish apparel retailer H&M on Wednesday launched its global loyalty program, H&M Member, in India expecting it to play a significant role in the company’s growth considering the transformation in consumer behaviour in the wake of COVID-19 pandemic.

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For domestic retailers, the impact depended on factors such as strength of online presence, segments being catered to and the presence in tier II and III cities and rural markets, which have performed better than metros and tier I cities, it said.

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According to Pallavi Barman, Head – Marketing & Operations, HRX, loose and oversized athleisure is the currently trending. “In terms of current trends, loose oversized clothing has found a new liking. Oversized joggers and tees are very popular now. Plus, we are looking at an increase in demand for shorts and tracks as well as trainers and sneakers. Color wise we follow trend stories popular worldwide so lavender, beige, military, khakhi, grey, black, etc., are all loved,” she says.

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