PremjiInvest buys stake in Future Lifestyle brand
Wipro’s investment wing PremjiInvest bought a 3.26 percent stake in Future Lifestyle Fashions Ltd (FLFL) for approximately 196 crore.
On July 17th, PI Opportunities Fund 1, part of PremjiInvest, bought 62 lakh of shares in FLFL at an average price of 316 rupees a share. Following this, the value per share dropped by 2.94 percent so that, at the end of the day, each share was worth 308.5 rupees on NSE. The shares were sold to PremjiInvest by Bennett, Coleman and Company Ltd and India Opportunities Growth Fund Ltd, Pinewood Strategy.
FLFL saw its net profit fall by 19 percent in its last quarterly financial report, however, profit still stood at 15.94 crore. PremjiInvest now has a share in the giant and, since its beginning in 2006, the company has now funded around 40 companies, both public and private.
FLFL owns and does marketing for around 25 fashion brands and their subsidiaries include Giovani Fashions Pvt Ltd, Mineral Fashions Pvt Ltd, Future Trendz Ltd, Coupon, Future Style Lab Ltd, and Indus League Clothing Ltd. FLFL is an operating company of Future Group along with Future Retail and their headquarters are situated in Mumbai. Some of the foreign and domestic brands that FLFL has on its register include Lee Cooper, All Plus Size Store, Cover Story, Converse, and Lombard.
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