Arvind Fashions, which holds the brands and retailing businesses of Arvind Ltd, has undertaken major restructuring as it looks to exit loss-making ventures with various global brands. Bengaluru-based Arvind Fashions was demerged from the parent company before it was listed on the National Stock Exchange (NSE) barely a month ago.
Arvind Fashions is talking to companies to sell the India licences of Gant, Izod and Nautica, according to two people familiar with the development. It is either scaling down or weighing to exit US-based Ed Hardy, they said.
While the profitable US brand Arrow has been clubbed with Calvin Klein and Tommy Hilfiger, to be led by Shailesh Chaturvedi, loss-making Aeropostale has been merged with the department handling another struggling US label of Gap.
Kulin Lalbhai, Executive Director of Arvind Ltd, declined to comment when asked about Arvind’s plans to exit these foreign labels. “We evaluate milestones of our portfolios every year and look at scaling opportunities for them and take decisions based on that.”
With the new changes, 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, head of Calvin Klein and Tommy Hilfiger, will continue to report to the board, Lalbhai said.
