- News
- Business News
- India Business News
- US jeans major, Arvind Mills in JV
Trending
This story is from September 2, 2006
US jeans major, Arvind Mills in JV
The $7-bn VF Corporation of US is setting up a joint venture with Arvind Mills to design, market and distribute VF's branded lifestyle apparel in India.
The joint venture — VF Arvind Brands — will initially encompass Lee, Wrangler, Nautica, JanSport and Kipling brands, which were till now marketed in India under licensing and distribution agreements with Arvind Fashions, an Arvind Mills arm.
The US-based VF, one of the world's largest apparel companies, will own a 60% stake in the joint venture, and Arvind Mills 40%. VF will pay $33 million to Arvind Mills for this stake. This values the five brands coming into the new venture at about $56 million.
In the fiscal ended March 31, 2006, the five brands had registered a turnover of $30 million, and this year, it is expected to grow to about $40 million, Darshan Mehta, president of Arvind Brands and the CEO of the new venture, said. Lee and Wrangler constitute the bulk of these revenues. The other three brands were introduced recently in the Indian market.
Mehta will report to Eric Wiseman, chairman of the JV company and president and COO of VF Corporation.Wiseman, through a video-link from the US, told TOI that the new venture will serve as the vehicle for launching additional brands in India in the future. He also said that VF would be interested in acquiring strong local brands. "VF has been doing that internationally," he said.
VF has other brands like Riders, Rustler, Vanity Fair, Reef and Red Kap. Wiseman said India is a "perfect market for us" because of its huge branded apparel market, rapidly growing economy and spending power, and the growing aspirations of its people.
End of Article
FOLLOW US ON SOCIAL MEDIA
Photostories
Hot Picks
TOP TRENDING
Trending Stories
In Business
Entire Website
- Will banks open only for 5 days a week? Here’s what you should know about IBA’s proposal
- India set to be third largest economy, says S&P Global
- Dalal Street bull run continues! BSE Sensex crosses 69,000 for the first time; Nifty above 20,800
- Byju’s reduces notice period for employees as troubles mount
- Sensex surges over 900 points, Nifty above 20,550 as BJP state election wins bolster Modi's Lok Sabha 2024 prospects
- UltraTech to buy building materials business of Kesoram in 7,600 crore deal
- Tata Technologies stock debuts at a bumper 140% premium; share price at Rs 1200 on BSE
- Tata Technologies share allotment: How to check IPO allotment status, listing date, GMP
- BSE m-cap rides rally in Adani stocks, tops $4 trillion
- Charlie Munger, who helped Warren Buffett build Berkshire, dies at 99
- Axe the tainted & non-performers, PM Modi tells Union secretaries
- Watch: SP member chains himself outside Akhilesh Yadav's residence
- How Kanpur’s ‘time machine’ couple used Modi to con hundreds
- Dy CM Ajit Pawar leaves meet in 10 mins, Maha cabinet OKs 38 proposals later
- PhD scholar orders rope online, hangs self at IIT-Kanpur hostel room
- 'Sometimes Hardik Pandya won't ... ': Suryakumar
- Why Ratan Tata felt very, very lonely at the peak as Tata boss
- Infosys to no longer send job offer letters, the company will ...
- 'Prithvi Shaw is a dark horse': Ex-India selector's bold pick for BGT
- Mahadev betting app kingpin Saurabh Chandrakar nabbed from Dubai
Popular Categories
Hot on the Web
Top Trends
Shantanu NaiduRussell WilsonsTom BradyPakistan Cricket FanSuryakumar YadavHurricane MiltonMahadev Betting AppNew UPI Transaction LimitRatan Tata DiesPM ModiNarayana MurthyUGC NET Result 2024Management Colleges of IndiaTop Medical Colleges of IndiaTop Engineering Colleges of IndiaTop Pharmacy Colleges of IndiaLive Cricket Score
Trending Topics
Diwali WishesJigra ReviewDussehra WishesVettaiyan OTT ReleaseVettaiyan CollectionVettaiyan ReviewSalman KhanDevara CollectionBigg Boss 18Deepika PadukoneShraddha KapoorRatan Tata Passed AwayColdplayVettaiyan Movie ReviewSwatantrya Veer SavarkarDussehra 2024Elon MuskKing Legacy CodesUltimate Football Codes October 2024Wordle Answer
Living and entertainment
Latest News
NIA charges 5 with human traffickingHarris overtakes Trump among suburban voters: Reuters/Ipsos pollDisturbed sleep tops list of complaints received on mental health helplineSamantha Ruth Prabhu shares playtime with Chinmayi Sripaada's daughter, says 'It took her 4.5 seconds to disown her parents'TD Bank pleads guilty to money laundering violations, agrees to $3 billion penaltyDilip Kumar-Saira Banu wedding anniversary: How the legendary actor surprised all by marrying his belovedSpiritual fervour all around as Sun God steers Lord's chariot at TirumalaInfosys to no longer send job offer letters and attachments, the company will ...Jaggery vs honey: Which one is better for weight loss?National Cricket League raises concerns over regulations and standards: ReportSP-Congress alliance for UP bypolls intact: Akhilesh YadavHours after arrest, 1 of 2 Surat rape accused dies in custodyMy mother would love to have a swayamwar for me: Raj AnadkatHappy Dussehra 2024: Top 50 Wishes, Messages, and Quotes to Share with Your Loved OnesAnees Bazmee reveals Vidya Balan's first reaction after reading 'Bhool Bhulaiyaa 3' scriptRanji Trophy: Focus on Shreyas Iyer as Mumbai begin title defenceBigg Boss 18: Karan Veer Mehra's comment on Arfeen Khan converting his wife's religion sparks anger; Arfeen says, "Agar ye ghar mein nahi hota main iski band baja deta"Haaland becomes Norway's all-time leading scorer, then gives some big personal news
Copyright © 2024 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service