Arvind shares gained as much as 2.7 per cent in the morning trade on Friday after the company informed stock exchange (before market hours) about its entry into the beauty and cosmetics segment through partnership with SEPHORA, owned by LVMH Moet Hennessy Louis Vuitton, a french conglomerate.
At 9.34 am, shares the textile and apparel company was trading 2.08 per cent higher at Rs 265.10 apiece. The scrip opened at Rs 264.90 and had touched a high and low of Rs 267.30 and 263.40, respectively, in trade so far.
The share price of the company closed 0.62 per cent higher at Rs 261.30.
With this partneship, Arvind will now manage SEPHORA’s portfolio of three stores in Delhi and one in Pune. SEPHORA is a leading beauty retailer with a presence in 31 countries.
On a year-to-date basis, the share price of Arvind Ltd slid 7.76 per cent to Rs 259.70 on September 10. The BSE Sensex slid 6.85 per cent to 25,622.17 during the same period.
For the quarter ended June 2015, the company posted a consolidated net profit of Rs 58.04 crore, down 35.87 per cent, against Rs 90.51 crore in the corresponding quarter a year ago.
Arvind has a portfolio of 12 of its own brands. It also runs the country’s largest value retail chain Megamart and the UK-based department store chain Debenhams, and the apparel specialty retail chain Next. Arvind has over 1.3 million square feet of retail space across various brands.