Blackstone invests Rs 1,750 cr in Future group; to bring global perspectives to take us to next level, says Kishor Biyani

Leading global investment firm Blackstone has invested Rs 1,750 crore in Kishore Biyani led Future group firm Future Lifestyle Fashions Ltd (FLFL)

Press Trust of India November 15, 2019 15:30:07 IST
  • Leading global investment firm Blackstone has invested Rs 1,750 crore in Kishore Biyani led Future group firm Future Lifestyle Fashions Ltd (FLFL)

  • Funds managed by Blackstone have invested Rs 1,750 crore (including by way of debentures) in Ryka Commercial Ventures, the holding company of FLFL

  • As on 30 September, 2019, FLFL has 349 stores measuring 7.3 million sq feet retail area

New Delhi: Leading global investment firm Blackstone has invested Rs 1,750 crore in Kishore Biyani led Future group firm Future Lifestyle Fashions Ltd (FLFL).

"Funds managed by Blackstone have invested Rs 1,750 crore (including by way of debentures) in Ryka Commercial Ventures, the holding company of FLFL," the company said.

It further added that: "With this transaction, Blackstone will be the only financial partner in Ryka. As a part of the transaction, Blackstone has also acquired a 6 percent stake in FLFL through a block deal with Ryka."

"FLFL and the Future Group are expected to benefit from Blackstone's portfolio operations team to create value in its business," the statement said.

Blackstone invests Rs 1750 cr in Future group to bring global perspectives to take us to next level says Kishor Biyani

File image of Kishore Biyani, Future Retail CEO. PTI

The fund would be utilised to "retire/pre-retire" all existing financial obligations of Ryka.

"We have been impressed with the business that Kishore Biyani has built at Future Group and are delighted to support Future Group in this journey," Kishore Moorjani, Head of Blackstone Tactical Opportunities, Asia said.

FLFL is an integrated branded fashion company and operates in-house retail chains like Central, Brand Factory and Planet Sports along with a portfolio of 20 domestic and global fashion brands.

"This is our first investment in this sector. We look forward to being a value-added investor as FLFL and the Future Group continue to cater to the fashion needs of aspiring India," Blackstone Managing Director Luv Parikh said.

Future Group CEO Kishore Biyani said: "Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level."

As on 30 September, 2019, FLFL has 349 stores measuring 7.3 million sq feet retail area. It has 48 Central stores and 100 Brand Factory besides 201 Exclusive Brand Outlets (EBOs).

It has a diversified portfolio spanning 30 fashion brands (both owned and licensed) such as Lee Cooper, Indigo Nation, Jealous 21, BARE among others.

It had reported a revenue of Rs 5,377.41 crore for FY 2018-19.

Updated Date:

also read

It's confirmed, Future Group buys South India-based store chain Nilgiri
Corporate

It's confirmed, Future Group buys South India-based store chain Nilgiri

Fast moving consumer goods (FMCG) major Future Consumer Enterprises Friday acquired the south India based convenience store chain Nilgiri.

Kishore Biyani-led Future Group buys online furniture store FabFurnish
News & Analysis

Kishore Biyani-led Future Group buys online furniture store FabFurnish

Retail giant Future Group has confirmed acquisition of online furniture store FabFurnish. This is the first online acquisition that the Kishore Biyani-led group has made.

Future Group eyeing Rs 40,000 cr retail business in 2018-19 : CEO Kishore Biyani
Business

Future Group eyeing Rs 40,000 cr retail business in 2018-19 : CEO Kishore Biyani

"We are looking at retail business of Rs 40,000 crore by next year; out of which Hyderabad will contribute Rs 4,000 crore," Future Group CEO Kishore Biyani said