Arvind Ltd (formerly Arvind Mills), an Indian textile manufacturer, announced on Monday that its subsidiary, Arvind Lifestyle Brands, would pay $3.2 million to Ralph Lauren to settle a 2013 lawsuit, Reuters reported.
Ralph Lauren filed its case in a US District Court, claiming a breach of an agreement over the proper disclaimers which were to be printed on US Polo Association (USPA) products sold in India. Both Arvind Lifestyle and USPA were named in the suit.
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Arvind Ltd stated in a filing with the Bombay Stock Exchange (BSE) that the three parties have entered “into good faith discussions and agreed to enter into an amicable settlement without admission of liability.”
We’ll pay, but it doesn’t mean we did anything wrong…
Arvind Lifestyle, founded in 1931 as Arvind Mills, retails its own brands like Flying Machine, Newport and Excalibur, and licenses international brands like Arrow, Lee, Wrangler and Tommy Hilfiger, through its nationwide retail network. Arvind also runs a value retail chain, Megamart, which stocks company brands
Arvind products are retailed by the Gap in the U.S.
