Arvind Lifestyle Brands, a subsidiary of Arvind, has acquired the operating, marketing and distribution rights of fashion brands Next, Nautica and Debenhams from Planet Retail. The deal size is 55 crore and is funded through Arvind's internal accruals.
Arvind will also invest 150 crore behind these brands, particularly on store rollouts. This acquisition is an important to Arvind as it puts it a step closer to realising its vision of achieving a three-fold rise in its revenues over 5 years. Its expansion plans will include 8 Debenhams and 12 Next stores in 3 years.
The management is betting big on the acquisition and is eyeing to churn a revenue of Rs 500 crore in next five years.
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