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Flipkart invests $35 million in Indian giant Arvind Fashions unit

Flipkart on Thursday announced it has invested $35 million in Arvind Fashions for a significant minority stake in one the decades-old Indian firms subsidiaries as the Walmart-owned firm looks to widen its hold on fashion e-commerce in the worlds second largest internet market.
The e-commerce firm, which operates market-leading fashion e-commerce firm Myntra, said it was acquiring a stake in Arvind Fashions Arvind Youth Brands, which operates Flying Machine brand in India. The two companies said today the new investment strengthens their partnership as they look to serve demands and needs of the fashion-conscious youth in India. Arvind Fashions began selling items on Flipkart six years ago.
91-year-old Arvind Fashions runs of the nations largest fashion brands, carrying apparels from Polo Assn, Arrow, GAP, Tommy Hilfiger, Calvin Klein, Aeropostale, the Childrens Place and Ed Hardy among other local and international firms. The Indian e-commerce market for fashion products was worth $7 billion last year, research firm Forrester told TechCrunch.
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