In October 2013, Ralph Lauren had filed a case in a US district court against Arvind and US Polo Association alleging breach of agreement.
Mumbai: Textile firm Arvind Ltd on Monday said it has amicably settled a dispute between its subsidiary Arvind Lifestyle Brands Ltd (ALBL) and Ralph Lauren Corp. of the US by paying $3.2 million.
In October 2013, Ralph Lauren had filed a case in a US district court against Arvind and US Polo Association (USPA) alleging breach of agreement.
In its filing to BSE on Monday, Arvind said that its subsidiary Arvind Lifestyle Brands and USPA "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 Ralph Lauren. As per the settlement agreement, ALBL shall pay $3.2 million in full settlement and satisfaction of the dispute between the parties," Arvind said.
In 2013, Ralph Lauren had instituted the suit against USPA and Arvind alleging breach of agreement on account of non-compliance in respect of disclaimers to be printed on USPA products sold in India.
Arvind Lifestyle has the license to manufacture and market US Polo branded products in India.
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