As per some media resources, the Bengaluru-based retailer Arvind Fashions Limited is currently discussing to sell two of its menswear denim brands – Newport and Ruf & Tuff – to Reliance Retail.
The resources have also informed that the company is separately in discussion with value retailer V-Mart to sell its Unlimited department store chain.
As reported by ET Retail, while V-Mart’s Managing Director Lalit Agarwal refused to comment on the same, a spokesperson from Arvind Fashions said that they “do not comment on market speculations.”
A Reliance Retail representative also mentioned the same in an e-mail, adding, “Our company evaluates various opportunities on an ongoing basis.”
It must be mentioned here that V-Mart was apparently all set to sign a deal to fully acquire the Unlimited store chain in March this year, but the nationwide lockdown during the end of that month led to its postponement.
Arvind Fashions has been in the process of restructuring its businesses for about a year now, for which it has cut down its loss-making global brands including Nautica, Gant, Izod and Ed Hardy – shifting its focus to Gap, US Polo, Flying Machine, Aeropostale, etc.
The company also closed down a number of its Unlimited stores along with virtually exiting markets in North India.