Reliance Brands raises stake in Future101 Design
today Oct 31, 2019
Reliance Brands Limited, a subsidiary of Reliance Industries Limited (RIL) has said that it has bought an additional stake of 2.5 percent in luxury apparel firm Future101 Design to take its share to 17.5 percent.
Last year, Reliance had bought a 12.5 percent stake for Rs 9.5 crore (approx $1.4 million) in Future 101 design which is the parent firm of luxury designer Raghavendra Rathore’s label.
The additional stake is expected to strengthen Reliance’s presence in the domestic luxury menswear segment.
"Reliance Brands Ltd has increased its equity shareholding in Future101 Design Private Limited (Future101) by 2.5 percent for a consideration of Rs 2 crore, taking its equity shareholding in Future1 01 to 17.5 percent," RIL said in a statement.
“The investment does not fall within related party transaction and none of the company's promoter or promoter group or group companies have interest in Future101,” the statement added.
Reliance is confident of growth in this sector and expects value creation from this investment as Future 101 was been performing exceedingly well with annual revenue of Rs 28 crore and Rs 22 crore for the fiscal year 2019 and 2018 respectively.
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