Shares of Arvind were up 6%, extending its 11% rally last week, hitting a 52-week high of Rs 276, after the company on Friday announced that its subsidiary Arvind Lifestyle Brands Ltd., has tied up with iconic US clothing brand Gap Inc., to open Gap stores in India.
"We have a long and successful association with Gap as their vendor partner. Now, I am delighted to extend this partnership to retail and bring Gap stores to India. We see the addition of Gap in our portfolio as a significant step to becoming the leading apparel retailer in India," the company said in a release quoting Sanjay Lalbhai, Chairman and Managing Director, Arvind Ltd.
Arvind plans to open about 40 franchise-operated Gap stores in India, the release added.
The stock opened at Rs 256 and touched a high of Rs 276 so far on the BSE. The stock registered huge volumes with over 7.3 million shares traded so far on the BSE and NSE.
