Future Lifestyle hikes stake in ethnic products venture behind Mother Earth to 72%

Future Lifestyle Fashions Limited (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, has increased its stake in ethnic products firm Indus Tree Crafts Pvt Ltd from 63.34 per cent to 72.16 per cent, according to a stock market disclosure.

Financial details of the transaction remain undisclosed.

Future Ventures (now Future Consumer) had first invested in Indus Tree in 2009. Its holding was transferred to Future Lifestyle Fashions, which was spliced out in a group restructuring in 2013.

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.

Indus Tree was started almost two decades ago by Neelam Chhiber along with social investor Gita Ram and co-founder Poonam Bir Kasturi. The firm started by selling contemporary products, mainly home accessories, designed in-house but made in villages. It worked through NGOs and self-help groups and sold through its self branded stores, the first of which opened in 1996 in Malleswaram in Bangalore.

Future Lifestyle Fashions, which now houses the fashion business spliced out of Future Retail and Future Consumer, has a portfolio of over 40 fashion and lifestyle brands.

In the recent past, it picked minority stakes in brands such as Tresmode, Famozi, accessories brand Peperone and women apparel firm Desi Belle.

On the other hand, it divested minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned brand 'AND'.

In the mid-day trading on Wednesday, the scrip of Future Lifestyle Fashions Ltd was quoting at Rs 75 a share, down about 0.46 per cent on BSE in a strong Mumbai market.

(Edited by Joby Puthuparampil Johnson)

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