In a region where Fashion has a strong lead, Flipkart is competing with Amazon in India, doubles the lead.
On Thursday it was announced that Arvind Fashions invested $35 million for a large minority interest in one of the Indian subsidiaries of its decades-old firm, as the Walmart company is looking to strengthen its grip on fashion in the second largest internet market on the world.
Throughout the years Flipkart has become the dominant part of the Indian fashion e-commerce industry with the purchase of Myntra and Jabong. Today, the Company was acquiring a stake in Arvind Fashions‘ Arvind Youth Brands, which operates the Flying Machine brand in India.
These two companies have said that the new investment strengthens their collaboration to meet the demands and needs of India’s “fashion-conscious youth.” Six years ago, Arvind Fashions started selling Flipkart products.
Arvind Fashions (91 Years old) runs one of the largest fashion brands in the country. It also manufactures and carries international brands, amongst others local and international firms, including Polo Assn, Arrow, GAP, Tommy Hilfiger, Calvin Klein, Aeropostale, the Children’s Place and Ed Hardy
The investment comes at a time of expanding the ecosystem of both Flipkart and Amazon in India. And Flipkart should look to replicate a similar strategy in the area of fashion by courting Arvind Fashions. Forrester told TechCrunch last year that the Indian e-commerce market for fashion goods amounted to $7 billion.
Flying Machine is a brand well-known for its youth and its popularity and style in households throughout India. Through means of this investment, we expect to be partnering with the Arvind Youth Brands team to continue to broaden the market in their product portfolio and to strengthen the strong brand value that has been built in recent decades.
The Flipkart Group ‘s partnership would allow Arvind Fashion to speed up its strategy for online growth, J. Suresh, managing director and chief executive of Arvind Fashions.
“It was obvious for us to enter into a good partnership with the Flipkart Group and its presence in an online format, which will make Flipkart and Myntra our preferred online partner for Flying Machine while continuing to grow our offline sales across channels such as exclusive brand stores, department stores and several-brands shops,” “he added”
Flipkart Press Release- https://storiesflistgv2.blob.core.windows.net/stories/2020/07/200709-Press-release-Flipkart-AFL-vf.pdf
