Blackstone invests Rs 1,750 crore to acquire stake in Future Lifestyle Fashions
With this investment, Blackstone will be the only financial partner in Ryka Commercial Ventures Pvt Ltd, the holding company of FLFL.
FLFL’s other stakeholders include L Catterton, Premji Invest and Apollo Global Management. Future Group’s Biyani family still owns 53.43 percent of Future Lifestyle Fashions.
The investment is Blackstone’s first in the fashion retail sector. FLFL is confident that its association with Blackstone will help it scale greater heights in the Indian fashion market.
Commenting on the investment, Blackstone’s managing director Luv Parikh in a statement said: “This is our first investment in this sector. We look forward to being a value-added investor as FLFL and the Future Group continue to cater to the fashion needs of aspiring India.”
Kishore Biyani, group CEO of Future Group added: “We are delighted to have Blackstone as a financial partner for FLFL’s business. They share our excitement and vision for Future Lifestyle Fashions business. Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level.”
FLFL currently has 346 stores comprising company operated chains Central and Brand Factory, exclusive brand outlets, department stores and multi brand outlets. For the financial year 2018-19, FLFL had reported revenue of Rs 5,728 crore and profit of Rs 189 crore.
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