Future Lifestyle Fashions Ltd, a part of Kishore Biyani led Future Group, has struck an agreement to sell its 22.86 per cent stake in fashion designer Anita Dongre-owned AND Designs India Ltd (ADIL), the company disclosed on Tuesday.
Though the firm declined to comment on the buyer or the deal value, sources confirmed that it is private equity firm General Atlantic. In August this year, VCCircle reported that General Atlantic is in the advanced stage of buying a significant minority stake in fashion apparel firm AND Designs for around Rs 150 crore.
AND Designs owns the brands AND, Global Desi and Anita Dongre, named after the Mumbai-based fashion designer who is one of the promoters of the privately held company.
A spokesperson from Future Group confirmed that Future Lifestyle exited from both apparel brandsâBiba Apparel and AND Designs at an aggregate amount of Rs 450 crore, but did not segregate the split in the two companies.
Last month the firm said it has exited womenâs ethnic wear brand Biba without disclosing the deal value. As reported earlier by VCCircle this deal, in which Warburg Pincus picked the stake, was pegged at around Rs 300 crore.
Future Ventures had picked the stake in AND for around Rs 5.7 crore in 2008-09. ADIL has been a notable success story with the firm seeing its revenue grow almost 10 times in the last five years from just around Rs 18 crore in FY08.
In addition to AND, Global Desi and Anita Dongre, AND Designs owns brands such as Timeless, Iinterpret and Grassroot (an eco-friendly label) which are signature labels. AND and Global Desiâwhich are high street fashion brandsâare retailed from over 350 retail points in India, including exclusive stores and multi-brand lifestyle stores across the country. The firm is present in more than 28 cities in India and is planning to launch operations globally.
In a group restructuring Future Ventures had hived off its lifestyle investments into a new listed firm Future Lifestyle Fashions.
(Edited by Joby Puthuparampil Johnson)