Future Lifestyle Fashions Limited (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, has acquired 60 per cent stake in a newly incorporated firm Elisir Lifestyle Pvt Ltd, as per a stock market disclosure. The company did not disclose the deal value.
New Delhi-based Elisir Lifestyle was formed in July this year and is engaged in manufacturing, supplying and distributing leather footwear and accessories in India.
We have contacted the firm for more information on Elisir and its operations and will update the story as we hear from them.
Future Lifestyle, which was formed after a group restructuring involving Future Ventures (now known as Future Consumer Enterprise Ltd) and Future Retail, announced last week that it is divesting its 31.5 per cent stake in JV with menswear retailer Celio.
This is the company’s fourth investment since its listing on October 1, 2013. Apart from acquiring 30 per cent stake in private label footwear e-tailer Famozi, recently the firm acquired 12 per cent equity stake in the Delhi-based handbags maker Unico Retail Pvt Ltd, which operates under the brand Peperone, for an undisclosed amount.
In January this year, Fashion Lifestyle had acquired 27.5 per cent stake in Resource World Exim Pvt Ltd, a company engaged in women’s fashion apparel business under the brand ‘Desi Belle’, for an undisclosed amount.
The company has also struck two exits from its previous investments, including divestment of holding in AND Designs and Biba Apparels, last year.
Recently, Future Lifestyle Fashions raised Rs 125 crore ($20.8 million) from PremjiInvest, the private investment arm of Wipro chairman Azim Premji. The investment firm will get around 8.1 per cent stake in Future Lifestyle Fashions after the associated securities are converted into equity.
(Edited by Joby Puthuparampil Johnson)