Arvind acquires India ops of Hanes brands
With the deal, Arvind Lifestyle Brands, a subsidiary of Arvind Ltd, will market and sell branded apparel essentials under the Hanes and Wonderbra brands in India. However, the value of the deal was not mentioned by the company.
“This market segment of branded essentials is estimated at over Rs 18,000 crore and is expected to grow over 18 per cent year-on-year,” said Sanjay Lalbhai, CMD of Arvind Limited in a statement issued on Monday.
Officials associated with the company said Arvind will also be manufacturing the branded apparel essentials in India. Arvind plans to increase the number of Hanes point of sale in India from 5,000 to 15,000 in the next three years, the company said.
The company is targeting revenue of Rs 500 crore for Hanes brands, aiming three per cent market share, in the next four years.
This acquisition of Hanes India comes on the back of similar acquisition of business operations of British fashion retailers Debenhams, Next and American Lifestyle Brand Nautica in India.
Recently, it signed a long-term licensing agreement with Iconix Lifestyle India Pvt Ltd, a joint venture between Iconix Brand Group of the US and Reliance Brands Ltd for Ed Hardy.
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