The brand plans to focus on driving growth in southern states and Maharashtra to achieve breakeven this fiscal
Bengaluru-based Arvind Fashions will shutter loss-making operations under its ‘Unlimited’ umbrella to focus on ‘power brands’ in Maharashtra and south India to boost growth and streamline revenues, reports The Times of India.
In line with this, Arvind has put on hold expansion of its exclusive outlets expansion of all brands, except Calvin Klein (CK). The latter, which demerged from Arvind in early 2019, will focus on the innerwear, kids wear and beauty categories to push growth, the report added.
Moneycontrol could not independently verify the report.
Arvind Fashions is the $1.7 billion holding company of denim giant Arvind and also operates apparel brands such as Arrow, Nautica, Gap, US Polo, among others.
Unlimited is the company’s value retail brand with over 100 stores. Brands such as Excalibur, Buggers, Karigiri and Cherokee are registering losses, particularly in north India.
The brand plans to focus on driving growth in southern states and Maharashtra to achieve breakeven this fiscal. The company plans to focus on innerwear via US Polo and kids wear through Tommy Hilfiger, Gap and The Children’s Place (TCP), the report added.
The paper quoted a source as saying, "Gap is turning around after sourcing locally for a large number of products. With Sephora (beauty segment), which has both private labels and premium brands like Bobby Brown, MAC, Steve Madden, the company plans to foray into smaller cities. The beauty brand has immense potential."
US Polo remains one of the most valuable brands along with Arrow, Flying Machine and Tommy Hilfiger, it added.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.