Arvind Brands and Retail Ltd has bought over Murjani Groupâ€™s stake in Calvin Klein Incâ€™s India business for Rs 88 crore. The unit of Arvind Ltd, has entered into a joint venture (JV) with global jeans and innerwear brand, Calvin Klein Inc., to take over its India business.
The NYSE-listed PVH group owned Calvin Kleinâ€™s business is valued at Rs 180 crore, which owns the brand and 51 per cent in the JV. Calvin Klein in India is estimated to have a turnover of Rs 140 crore.
With the buyout, Arvind will strengthen its position in the â€˜bridge to luxuryâ€™ segment, where it already holds licences for Arrow and IZod owned by PVH and the JV with PVH for Tommy Hilfiger in India.
J Suresh, managing director of Arvind Lifestyle Brands said, â€œIt is a huge opportunity for Arvind. We will become a really dominant player in the Rs 800 crore bridge to luxury marketâ€. The company is looking at a business of Rs 500-crore from the brand, from the current Rs 140 crore, Suresh added. The JV is looking to add 50 stores in the next four years taking the total count to 90.
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