Indian textile and apparel business Arvind Limited has sold a stake in its branded apparel business – which includes labels like Calvin Klein and Tommy Hilfiger – to private equity firm Multiples. 

In a stock exchange filing this week, Arvind said it had raised equity capital of INR7.4bn (US$107.6m) to sign with three funds managed by Multiples Private Equity. The transaction was completed at an overall valuation of 8,000 crore. 

The apparel brands business portfolio includes brands such as Calvin Klein, Tommy Hilfiger, US Polo Association, Ed Hardy, Arrow, Gant and Nautica. 

This is the second such transaction Arvind has made to create shareholder value. Last year, the company listed Arvind Infrastructure Ltd.

In its last quarter, Arvind's brands business booked growth of 26%, while its textiles division saw growth of 14%, pushing group earnings and revenues up for the three months to the end of June. 

Arvind Q1 boosted by textile unit growth

The company also became a member of the Zero Discharge of Hazardous Chemicals (ZDHC) programme during the summer. 

Arvind and TÜV Rheinland join ZDHC pledge