Future Lifestyle Fashions, part of the Kishore Biyani-led Future group, today increased its stake in clothing brand ‘Mineral’ to 37 per cent for an undisclosed sum.
“The company has made further investment in Mineral Fashions Private Ltd to increase its total stake from 22.70 per cent to 37 per cent of the paid-up capital of Mineral,” Future Lifestyle said in BSE filing.
Mineral, engaged in the business of manufacturing and retail of clothing and fashion accessories, is a designer label from Priyadarshini Rao.
In October, Future Group acquired 60 per cent stake in footwear firm Elisir Lifestyle.
In November 2013, Future Lifestyle divested minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned brand ‘AND’ for Rs 450 crore.
At that time Biyani had stated that Future group was exiting from mature investments that were made more than five years ago.
In October this year, Future Lifestyle announced divestment of 31.5 per cent of its stake in Celio Future Fashion Ltd. Upon completion in terms of the documents, FLFL will hold 3.5 per cent stake in the company.
The company also picked up minority stakes in brands such as Tresmode, Famozi, accessories brand Peperone, women apparel firm Desi Belle.
Future Retail demerged its fashion business in November 2012 and formed a new company called Future Lifestyle Fashions (FLFL). FLFL has a portfolio of over 40 fashion and lifestyle brands.