Arvind at new high, up for 6th day; arm to open Gap stores

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Moneycontrol Bureau

Investors can not stay away from buying shares of Arvind as integrated textile company continued to be in news on Friday as well with the announcement of tie up with San Francisco-based company to open its stores in India. The stock rallied as much as 2.8 percent to touch a fresh record high of Rs 259.80. In fact, it gained for the sixth consective session today, up 16 percent in these days.

Arvind said its subsidiary Arvind Lifestyle Brands has entered into an agreement with Gap Inc, to open Gap stores in India.

There is a press conference today at 12 pm at Trident, to make some important announcement.

Meanwhile, the company's same subsidiary on Thursday entered into a franchise agreement with The Children's Place, the largest pure play children's specialty apparel retailer in North America. It is expected to open 50 stores of this brand from the beginning of 2015.

Before that on Wednesday, Arvind forayed into E-commerce with custom clothing brand 'Creyate'. Under this online portal, one can create garments on a 3D visualisation engine, which would then be made by the company for the same person.

Kulin Lalbhai, executive director of Arvind, who is driving the E-commerce initiative at the company, said, "We aim to be a Rs 1000 crore plus business in three years and it will be a major growth driver for Arvind going forwards."

At 09:49 hours IST, the stock was quoting at Rs 258.35, up Rs 5.60, or 2.22 percent on the BSE.

Posted by Sunil Shankar Matkar