ARVIND FASHIONS LIMITED

Operates a portfolio of fashion apparel brands in India through company-owned retail stores, online direct-to-consumer platforms, and multi-brand wholesale distribution. The brand portfolio spans US Polo Assn., Tommy Hilfiger and Calvin Klein (under a PVH licence), Arrow, and Flying Machine. The business is shifting decisively towards direct channels, with company retail and online now making up the majority of sales and online B2C the fastest-growing slice; like-for-like retail growth was 11.6% in Q1 FY27. Store expansion continues, with new exclusive brand outlets added each quarter and a larger network rollout planned for the year, mostly through franchise partners, targeting roughly a 50:50 split between like-for-like and inorganic growth. Other operating expenses covering store rents, marketing, and logistics are the single largest cost line at 34.9% of revenue, ahead of employee cost at 6.1% and depreciation at 5.5%; the company employs 7,741 people. Inventory turns stand at 3.5x, with management working to lift them to 3.7-3.8x over 18-24 months as the channel mix normalises.