Future Lifestyle Fashions Ltd (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, has increased its stake in Mineral Fashions Pvt Ltd (MFPL), which sells apparel and accessories under its brand Mineral.
Future Lifestyle, which was formed after a group restructuring involving Future Ventures (now known as Future Consumer Enterprise Ltd) and Future Retail, has made an undisclosed fresh investment in MFPL to increase its holding from 37 per cent to 49.62 per cent, it said on Tuesday.
Launched in 2011 by Jaydeep Shetty and Priyadarshini Rao, Mineral offers clothing, handbags and fashion jewellery which are available at exclusive stores in Mumbai and at select stores of Shoppers Stop, Central, Lifestyle and Brand Factory. It has also tied up with e-commerce giants such as Amazon, Myntra and Jabong.
Besides Future Lifestyle, the company is backed by Mukhi family of the Solar Group.
Last December, Future Lifestyle had hiked its holding in Mineral from 22.70 per cent to 37 per cent.
Future Lifestyle Fashions, which now houses the fashion business spliced out of Future Retail and Future Consumer with a portfolio of over 40 fashion and lifestyle brands, has been putting more money to raise its holding in the labels.
Last week, it increased its stake in another apparel firm Rachika Trading Pvt Ltd from 80 per cent to 96 per cent. Rachika Trading sells its products under brand Giovani.
Earlier this year, the firm had increased its stake in ethnic products firm Indus Tree Crafts Pvt Ltd from 63.34 per cent to 72.16 per cent. Indus Tree Crafts is designing, creating, exporting, retailing and distributing a range of environmentally and socially sustainable products under brand name ‘Mother Earth’. Its product range includes clothing, linen, crockery, accessories, food and gift and decor.
In the recent past, it picked minority stakes in brands such as Tresmode, Famozi, accessories brand Peperone and women apparel firm Desi Belle.