Jaimin Gupta, founder of the men’s fashion brand Barcelona, has acquired a majority stake in Aarvee Denims and Exports, a Gujarat-based denim manufacturer. Gupta, along with other investors, now holds a significant share in the company, which boasts a production capacity of 85 million meters annually.
Despite its scale, Aarvee Denims has experienced a sharp decline in sales, dropping from Rs. 751.56 crore in FY ’19 to Rs. 91.33 crore in FY ’24. Founded in 2015, Barcelona operates under Stitched Textiles and has expanded to over 125 franchise stores, offering wholesale products through its B2B app.
In FY ’24, India’s retail sales across apparel, footwear, and quick-service restaurants grew at a modest 4-7 per cent year-on-year each month, reflecting weaker consumer sentiment. Despite this, India’s appeal as a market for apparel brands continues to grow, though competition intensifies with the entry of global players like Zara, H&M, Uniqlo, and Gap.
India remains a global leader in textiles and apparel exports, supported by its strong raw material base and manufacturing capacity.
