Future Lifestyle Fashions (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, has picked up 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' in India, as per a stock market disclosure. The firm did not disclose the deal value.
VCCircle had first reported that FLF had picked up 27.5 per cent stake in the company on December 16.
Incorporated in 2012, Mumbai-based Desi Belle was founded by Sharmila Nadkarni who also worked with Big Bazaar in its initial years. She was heading the fashion category for Big Bazaar, Future Retail’s hypermarket chain.
Desi Belle is an affordable fashion brand in Indo-fusion wear for women. According to the website, it has stores across Mumbai, Pune, Bangalore, Ahmadabad, Surat, Jaipur, Indore, Raipur, Gurgaon, Vadodara and Kerala. The brand also has a strong online presence.
This is the second fresh investment by FLF after it was spun off and listed as a separate firm on the stock exchange three months ago.
Last month, it announced it had picked 11 per cent stake in Eclat Lifestyle Pvt Ltd, which is in the business of footwear under the brand Famozi, for Rs 55 Iakh.
In a group restructuring, Future Ventures (now renamed Future Consumer) had hived off its lifestyle investments into FLF.
Since listing on October 1, FLF has struck two exits from its previous investments, including divestment of holding in AND Designs and Biba Apparel.
(Edited by Joby Puthuparampil Johnson)