Antique initiates India's Arvind Fashions with "buy"

ARVIND FASHIONS

30/11/2023 06:30

** Brokerage Antique Stock Broking starts coverage of
India's Arvind Fashions  ARVF.NS  with a "buy" rating and TP of
565 rupees 
    ** Says co, which retails brands like Arrow and Calvin Klein
(CK), has "very strong portfolio" of brands in fast-growing
casual wear category 
    ** Focus over the next 2-3 years on scaling up existing
brands and not new additions, ARVF well placed to revive Arrow,
CK, Tommy Hilfiger and Flying Machine brands - note
    ** Adds optimism on the back of strong casual apparel
market, CK's potential to turn into a power brand, corrective
actions for improving supply chain and working capital 
    ** Mean recommendation of 5 analysts is equivalent to
"strong buy"; median TP is 505 rupees - LSEG data 
    ** Stock last up 1.4%, taking YTD gains to over 26%

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))