December 4, 2020

denim manufacturers: Arvind Fashions in talks with Reliance Retail to promote two denim manufacturers

NEW DELHI: Arvind Fashions Ltd is in talks with Reliance Retail to promote two denim manufacturersNewport and Ruf & Tuff, three folks accustomed to the event stated.

It’s also, individually, in talks with worth retailer V-Mart to promote its Limitless division retailer chain.

Arvind Fashions has been restructuring its companies for a couple of 12 months, by trimming its world manufacturers portfolio and pruning unviable retailers. Final 12 months, it exited advertising and marketing preparations with loss-making world labels together with Izod, Gant, Nautica and Ed Hardy to concentrate on US Polo, Hole, Aeropostale, Flying Machine, and different labels.

The Bengaluru-based retailer additionally shuttered a considerable variety of its Limitless shops and nearly exited markets in north India.

“We don’t touch upon market speculations,” stated an Arvind spokesperson when requested about plans to promote the Newport, Ruff & Tuff and Limitless manufacturers.

Lalit Agarwal, managing director of V-Mart, declined to remark.

A Reliance Retail spokesperson stated in an electronic mail, “As a coverage, we don’t touch upon media hypothesis and rumours. Our firm evaluates numerous alternatives on an ongoing foundation.”

V-Mart was to ink a deal to completely purchase the Limitless retailer chain in March, however the nationwide lockdown in end-March has delayed it, one of many sources stated.

Arvind Fashions hoped to deliver its enterprise on monitor this 12 months when Covid-19 pandemic hit gross sales at its offline shops, identical to most of the vogue retailers globally.

In Might, the retailer of manufacturers equivalent to Hole, US Polo, Sephora, Aeropostale and Flying Machine, deferred funds to employees owing to diminished gross sales and depleting money movement amid the lockdown.

Earlier this week, Walmart-owned Flipkart picked up a considerable minority stake in Arvind Fashions’ subsidiary Arvind Youth Manufacturers for Rs 260 crore as a part of the home-grown e-commerce firm’s plans to strengthen its mid-market vogue portfolio.

Arvind Fashions reported a consolidated internet lack of Rs 208 crore for the quarter ended March 31, in comparison with a internet revenue of Rs 21.30 crore a 12 months earlier. Through the quarter, its gross debt ballooned to Rs 1,210 crore, a 53% bounce over monetary 12 months 2018-19.