| Updated on March 30, 2015 Published on March 30, 2015

With reference to earlier announcement dated October 10, 2013 regarding the Ralph Lauren Corporation USA (RLC) had instituted a suit in the United States District Court, against US Polo Association, USA (USPA) and Arvind Limited, India alleging breach of agreement between Ralph Lauren Corporation, USPA and Arvind Limited on account of non compliance in respect of disclaimers to be printed on USPA products sold in India. Arvind Lifestyle Brands Limited, (ALBL), subsidiary of Arvind Limited, has license to manufacture and market USPA branded products in India.

Arvind Ltd has now informed BSE that the Parties thereafter got into good faith discussions and agreed to enter into an amicable settlement without admission of liability of any party.

Under the terms of the settlement, ALBL and USPA have agreed to pay jointly settlement amount to RLC. As per the settlement Agreement, ALBL shall pay US $3,200,000 in full settlement and satisfaction of the dispute between the Parties.

Source : BSE - >www.bseindia.com

Published on March 30, 2015
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