 "Arvind gains 6% on forays into e-commerce")
Arvind Limited has moved higher to 6% to Rs 248 after the textile firm announced its entry into the e-commerce space with the launch of a custom clothing brand, Creyate.
To create a firm footing in the e-commerce space, Arvind Limited has set up a subsidiary called Arvind Internet Limited (AIL), which will anchor all the company's e-commerce initiatives. The firm has a 50-member team at AIL, which is based out of Bangalore.
Creyate intends to offer an alternative to ready-wear as well as traditional custom clothing and targets to be Rs 100-crore plus brand by next year, Arvind Limited said in a statement.
The stock opened at Rs 236 and hit a 52-week high of Rs 250 on BSE. A combined 4.37 million shares changed hands on the counter till noon deals on BSE and NSE.
To create a firm footing in the e-commerce space, Arvind Limited has set up a subsidiary called Arvind Internet Limited (AIL), which will anchor all the company's e-commerce initiatives. The firm has a 50-member team at AIL, which is based out of Bangalore.
Creyate intends to offer an alternative to ready-wear as well as traditional custom clothing and targets to be Rs 100-crore plus brand by next year, Arvind Limited said in a statement.
The stock opened at Rs 236 and hit a 52-week high of Rs 250 on BSE. A combined 4.37 million shares changed hands on the counter till noon deals on BSE and NSE.