Arvind Mills today said its wholly owned subsidiary Arvind Brands, will form a joint venture with US-based VF Corporation for marketing various brands owned by the US firm in India.Arvind would hold a 40% cent stake in the JV company, VF Arvind Brands and VF Corporation would pay $ 33 million for the remaining 60% stake. The JV company would come into effect from today.The existing business including intellectual assets and licenses from VF for Lee, Wrangler, Nautica, Jansport and Kipling brands, currently held by Arvind Fashions would be transferred to the new company."The new company with far greater input from VF will be a force to reckon with in domestic branded apparel and accessories market," the company's Chief Financial Officer and Director Jayesh Shah said.The JV company would handle the designing, sourcing and marketing of VF's existing licensed brands. The retailing and the stores infrastructure would continue to be held by Arvind.Darshan Mehta currently the President of Arvind Brands would be the CEO of the new company, Arvind Mills informed the Bombay Stock Exchange.
