Textile maker Arvind Ltd said on Monday its lifestyle brands subsidiary would pay $3.2 million to Ralph Lauren to settle a lawsuit the US-based luxury fashion house filed in 2013.
The Club Monaco and Polo Ralph Lauren maker had filed a case in a US District Court against Arvind Lifestyle and US Polo Association, alleging a breach of agreement regarding disclaimers to be printed on USPA products sold in India.
On Monday, Arvind said in a filing to the Bombay Stock Exchange that the companies got "into good faith discussions and agreed to enter into an amicable settlement without admission of liability of any party".
Arvind Lifestyle Brands Ltd is a licensee of many international brands in India, and has of late tied up with US retailer Gap Inc to sell its clothes in the country.
(Reporting by Nivedita Bhattacharjee in Mumbai)