Blackstone invests $250 million in Future Lifestyle Fashions
today Jul 26, 2019
Kishore Biyani’s fashion business Future Lifestyle Fashions has received a large funding injection from Blackstone, sources told ET Bureau. Future Lifestyle Fashions will use this investment to fund one of its subsidiaries, Brand Factory, which retails branded apparel at highly discounted prices as well as the expansion of several of the business’ other clothing brands. The business’ board of directors met on Friday to discuss the investment.
The investment will come in the form of equity and structured debt and the investment will be made over five years. Blackstone will receive a 6-7 percent holding in Future Lifestyle Fashions for its investment. Other investors with a stake in the business include PremjiInvest and LIC. Future Group’s Biyani family still owns 53.43 percent of Future Lifestyle Fashions through some of its entities such as Central Department Stores and Future Enterprises among others.
Future Lifestyle Fashions owns a number of fashion businesses and markets Indian and international brands such as Lee Cooper and Clarks in India. The business runs over 300 stores in over 90 Indian cities and reported a net profit of Rs 189 crore for the 2019 financial year, a 50 percent increase compared to the year before.
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