Textile and apparel manufacturer Arvind Lifestyle Brands has acquired the Indian franchise rights of British retailers Next and Debenhams and US apparel brand Nautica from Planet Retail.

Under the franchise agreements, Arvind plans to open six Debenhams and nine Next stores as well as 30 Nautica stores in the country over the next three years.

Sanjay Lalbhai, chairman and managing director of Arvind, said: "With this move, we have taken a big step towards strengthening our position in the Indian fashion industry. These acquisitions will accelerate our growth and contribute to our vision of achieving sales of INR50bn (US$938,600) over the next five years."

While, J Suresh, MD and CEO of Arvind Lifestyle Brands said: "We plan to achieve INR5bn revenue over [the] next five years from current INR700m by investing INR1.5bn into these three brands."

Last month, Indian fashion house Genesis Colors denied it was in talks to acquire the Indian franchise rights of the Next, Debenhams and Nautica brands, while Arvind was also in the race.