Indian fashion co Arvind Fashions in talks to divest two denim brands
Indian fashion retailer Arvind Fashions is discussing the potential sale of two denim labels to prospective buyer Reliance Retail.
The two brands – Newport and Ruf & Tuff – would mark a further reduction to Arvind’s brand portfolio, which may also see the departure of its Unlimited department stores should talks with value retailer V-Mart end in an agreement to pick up the business.
Such a deal may have been closed last March had it not been for the advent of the coronavirus pandemic.
Arvind has already shaken off the Indian rights to the low-performing Izod, Gant, Nautica and Ed Hardy brands, while retaining profitable US Polo, Gap, Aeropostale and Flying Machine labels, among others.
None of the parties to either deal have made statements to the media on their plans.
Arvind Fashions filed a consolidated net loss of $US27.64 million in the first quarter of this year, after a profit of 2.83 million for the same period last year.