Arvind Fashions Ltd, which owns the Flying Machine brand of denim apparel, has named Shailesh Chaturvedi as the new chief executive officer.
Chaturvedi, as per a stock market disclosure, will replace the current CEO J Suresh and take up the new role from February next year.
Suresh, who will be retiring later this year, will work closely with Chaturvedi to ensure a smooth transition. Suresh, who joined the company in 2005, will continue with the board and advise on key strategic issues.
Chaturvedi was previously the managing director at PVH-Arvind brands, a joint venture that houses brands like Tommy Hilfiger and Calvin Klein, and also led the Arrow brand for Arvind Fashions.
Multiples PE-backed Arvind Fashions was recently reported to be looking to sell two of its denim brands -- Newport and Ruf & Tuf -- to Reliance Retail and is separately in talks with value retailer V-Mart to sell its Unlimited department store chain.
In July, Walmart Inc.-owned online retailer Flipkart agreed to acquire a minority stake in Arvind Youth Brands Pvt. Ltd., a subsidiary of the company which owns Flying Machine brand of denim apparel, for Rs 260 crore.
Arvind Fashions had said then the company and its unit Arvind Lifestyle Brands Ltd are selling the wholesale and retail trading businesses under the Flying Machine brand to Arvind Youth Brands.
Arvind Fashions had also pushed back plans to raise capital via a rights issue due to the countrywide lockdown to combat the spread of coronavirus and overall market conditions.
Arvind Fashions had raised private equity funding from Renuka Ramnath-led Multiples PE in 2016. The following year, Arvind Ltd decided to demerge its branded apparel business under Arvind Fashions and the engineering business under Anup Engineering and list the two entities separately on the stock exchanges.
Besides Flying Machine, Arvind Fashions has several licensed product brands such as Calvin Klein, Tommy Hilfiger, US Polo Assn, Ed Hardy, Hanes, Arrow, Gant and Nautica.
