Future Lifestyle Fashions Ltd, part of Kishore Biyani-led Future Group, has increased its stake in apparel and accessories maker Mineral Fashions Pvt Ltd to 52.44 per cent from 49.62 per cent by converting debentures into shares.
Mineral Fashions has now become a subsidiary of Future Lifestyle, the company said in a stock market disclosure on Friday.
Launched in 2011 by Jaydeep Shetty and Priyadarshini Rao, Mineral offers clothing, handbags and fashion jewellery that 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 September, Future Lifestyle had hiked its holding in Mineral from 37 per cent to 49.62 per cent.
Future Lifestyle, which houses the fashion business spliced out of Future Retail and Future Consumer with a portfolio of over 40 brands, has been raising its stake in several fashion and lifestyle companies.
Last year, it increased its stake in apparel firm Rachika Trading Pvt Ltd from 80 per cent to 96 per cent. Rachika Trading sells its products under the Giovani brand. It also raised its stake in ethnic products firm Indus Tree Crafts Pvt Ltd from 63.34 per cent to 72.16 per cent in 2015. Indus Tree makes clothing, linen, crockery, accessories and gift items under the Mother Earth brand.
In the recent past, Future Lifestyle picked up minority stakes in brands such as Tresmode and Famozi, accessories brand Peperone and women apparel firm Desi Belle.
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