E-commerce giant Flipkart is discussing the acquisition of brand rights for US-based fashion business Kontoor Brands with denim labels Lee and Wrangler for the Indian market.
U.S.-based Wal-Mart-backed Flipkart is looking to further expand its fashion portfolio by acquiring rights to manufacture and distribute international denim and casualwear brands, sources told TNN. ..
“When Arvind ran Lee in India, in the late 90’s it was the top denim brand in terms of sales,” a source told TNN. “But after the acquisition by VF Corporation, they started selling Lee and Wrangler, both with different personalities, at the same store that showed indifference to investing in the brand. After that, they went to these stores for shoe brands. We’ve added a van for the Flipkart license agreement, which could renew the brand for the modern market.
Flipkart has recently taken steps to expand its offering of apparel and accessories, especially in the field of casual wear. The company bought a minority stake in Arvind Youth Brands, which owns the denim brand Flying Machine, and recently invested in Universal Sportsbiz Private Limited, which owns clothing brands such as Wrogn, Imara, and Ms Taken.
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Flipkart in negotiations to acquire Indian Lee and Wrangler rights
Source link Flipkart in negotiations to acquire Indian Lee and Wrangler rights