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Last Updated : Nov 15, 2019 02:18 PM IST | Source:

Blackstone invests Rs 1,750 cr in Future Lifestyle Fashions and its holding company

With this transaction, Blackstone will be the only financial partner in Ryka Commercial Ventures.

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Private equity firm Blackstone has pumped in Rs 1,750 crore through debentures in Ryka Commercial Ventures Pvt Ltd and its subsidiary Future Lifestyle Fashions Ltd (FLFL), a joint press release from Blackstone and FLFL said.

FLFL is an integrated fashion company with a diversified portfolio spanning 30 fashion brands (both owned and licensed) such as Lee Cooper, Indigo Nation, Jealous 21, BARE, aLL, among others.

FLFL has 346 stores spread over 7.2 million square feet comprising company-operated chains Central and Brand Factory, EBOs, department stores and multi brand outlets.

With this transaction, Blackstone will be the only financial partner in Ryka Commercial Ventures.

As a part of the transaction, Blackstone has also acquired a 6 percent stake in FLFL through a block deal with Ryka.

"Proceeds of the investment have been utilised to retire/pre-retire all existing financial obligations of Ryka, consolidating FLFL’s encumbrances with one long term investor," the joint press release stated.

Through this investment FLFL and the Future Group are expected to benefit from Blackstone’s portfolio operations team to create value in its business.

Commenting on the transaction, Luv Parikh, Managing Director, Blackstone added: “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 will support in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level," said Kishore Biyani, Group CEO of Future Group.

Future Group companies that come under Ryka Commercial Ventures include Future Lifestyle Fashions Ltd, Future Retail Ltd and Future Consumer Ltd.

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First Published on Nov 15, 2019 02:11 pm
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