Arvind is now the new Indian partner of Phillips Van Heusen Corporation for its Calvin Klein brand.

The Indian company has bought a 49 per cent stake in Calvin Klein India from Murjani Group and Matrix Partners for around Rs100 crore ($16 million).

Arvind is also the JV partner of Phillips Van Heusen Corporation for Tommy Hilfiger brand.

The deal supports the goal of Arvind’s founder Sanjay Lalbhai to grow in the mid-premium segment of the apparel market through partnerships with foreign brands.

Arvind has existing partnerships with UK retailers Debenhams and Next and Nautica of the US.

“These joint ventures not only bring marque brands under a single platform, but also help Arvind to negotiate better for retail space. Instead of negotiating for a single brand, the company can now look at having more brands in a retail mall by paying lesser rents,” said Harminder Sahani, founder and MD of consultancy company Wazir Advisors.