Flipkart is buying a 7.8% stake in Aditya Birla Trend because the Walmart-owned Indian e-commerce agency makes additional push into the style class in one of many world’s largest retail markets.
The e-commerce group pays $203.Eight million for its stake in Aditya Birla Trend and Retail, a conglomerate that operates over 3,000 shops together with the Pantaloons model. As a part of the “landmark partnership,” Flipkart may also promote and distribute numerous Aditya Birla Trend and Retail’s manufacturers merchandise.
“This partnership is an emphatic endorsement of the expansion potential of India,” mentioned Kumar Mangalam Birla, Chairman of Aditya Birla Group, which operates the style retail agency in a submitting to the inventory trade. “It additionally displays our robust conviction in the way forward for the attire trade in India, which is poised to the touch $100 billion within the subsequent 5 years.”
Kalyan Krishnamurthy, CEO of Flipkart Group, mentioned the 2 corporations will work towards “making out there a variety of merchandise for fashion-conscious shoppers throughout completely different retail codecs throughout the nation. We look ahead to working with ABFRL and its effectively established and complete vogue and retail infrastructure as we tackle the promising alternative of the attire trade in India.”
In July, Flipkart additionally invested $35 million in $35 million in Arvind Fashions, one of many decades-old Indian agency’s subsidiaries.
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