Arvind Fashions, which runs the brands and retailing business of Arvind Ltd., has undertaken major restructuring as it is looking to exit loss-making ventures with global brands.
The Bengaluru-based firm was de-merged from its parent company before it was listed on the National Stock Exchange (NSE) barely a month ago.
Arvind Fashions is under talks with companies to sell the India license of Gant, Izod and Nautica, confirmed two people familiar with the development. Also, the firm is planning to either scale down or weigh to exit US-based Ed Hardy.
Furthermore, the profitable US-based brand Arrow has been clubbed with Calvin Klein and Tommy Hilfiger and will be led by Shailesh Chaturvedi. Aeropostale which is currently a loss-making entity has been merged with the department handling another struggling US label Gap.
Kulin Lalbhai, Executive Director, Arvind Ltd., declined to comment on the firm’s plans to exit these foreign brands. “We evaluate milestones of our portfolios every year and look at scaling opportunities for them and take decisions based on that, he said.
With the new changes in effect, Parag Dani will handle Gap and Aeropostale while Alok Dubey will take care of US Polo and Flying Machine and both of them will report to chief executive J Suresh.
Both Suresh and Chaturvedi will continue to report to the board, as Lalbhai confirmed.