Reliance Brands buys stake worth Rs 9.5 crore in Future 101 Design
Reliance Brands Limited, a subsidiary of Reliance Industries Limited has bought a 12.5 percent stake for Rs 9.5 crore (approx $1.4 million) in luxury apparel firm Future 101 design.
Reliance has been expanding its luxury portfolio and the official acquisition in Future 101, the parent of luxury designer Raghavendra Rathore’s label is expected to give strengthen Reliance’s presence in luxury menswear segment.
"Future101 belongs to a similar industry as Reliance Brands. We expect growth in this sector and value creation from this investment," Reliance said in a BSE filing.
Future101, incorporated in July, 2013 is engaged in the manufacturing, distribution and sale of luxury apparel and more in India. It had posted revenue of Rs 22 crore and 21 crore for the financial year 2017-18 and 2016-17 respectively.
Reliance Brands sells international labels such as Diesel, Hamleys, Bally Kenneth Cole, Thomas Pink, Brooks Brothers, Super Dry and Steve Madden in India.
Reliance Brands had earlier bought out L Catterton Asia’s 40% stake in Genesis Luxury, which gave the company rights over luxury brands like Burberry, Canali, Paul Smith, Armani, Just Cavalli, and Jimmy Choo, among others.
Copyright © 2021 FashionNetwork.com All rights reserved.