In the past few months, a spate of domestic fashion labels backed by private equity firms has made a beeline for Dalal Street. Sequoia Capital-backed women's bottom-wear brand Go Colours raised Rs 1,014 crore via its IPO and made a stellar debut on the bourses in November, listing at a 90 percent premium to its issue price.
Sequoia Capital-backed women’s bottom-wear brand Go Colours raised Rs 1,014 crores via its IPO and made a stellar debut on the bourses in November, listing at a 90 percent premium to its issue price.
Future Lifestyle and Fashions Ltd (FLFL) today reported net profit of Rs 6.98 crore for the second quarter of 2014-15 fiscal. The company has reported net profit of Rs 108.90 crore in corresponding of the previous fiscal, 2013-14 on the account of other income of Rs 190.82 crore.
"The investment includes a primary fund raise and provides an exit to the existing investor, Future Lifestyle Fashions Ltd. The transaction is the largest private equity investment in the Indian ethnic wear market," Biba said in a statement.
While Biyani refused to give the break-up of valuations of investments in Biba Apparels and AND Designs, in an investors' update the company has stated that it made a profit of Rs 190 crore from sale of stake in Biba. FLFL had 22.9 percent stake in AND Designs and 25.8 percent stake in BIBA Apparels.
Kishore Biyani’s Future Ventures India plans to raise its stake in women’s ethnic wear maker Biba Apparels and edutainment company Amar Chitra Katha, and is also seeking new opportunities to invest in the fast moving consumer goods and fashion sectors.