Flipkart Group is all ready to buy a stake in Universal Sportsbiz Pvt. Ltd (USPL) to expand its fashion portfolio.
USPL deals with and owns many youth fashion brands such as Ms.Taken, Wrogn and Single.
Recently, the company got investment from venture capital firm Accel as there are plans to improve its online strategy with the Flipkart Group and expand its product offerings.
Don’t be surprised if we tell you that this is the third major investment of Flipkart in an offline fashion retail company this year.
In July 2020, Flipkart had invested ₹1,500 crore in Aditya Birla Fashion and Retail Ltd to get a 7.8% stake, and ₹260 crore to get a stake in Arvind Youth Brands, the owner of Flying Machine.
Both Flipkart and Amazon are quickly buying small stakes in multi-brand retailers to create a strong presence in the offline market.
By Sahana Iyer
