Blackstone Invests Rs 1,750 Crore In Future Lifestyle, Picks Up 6% Stake In Ryka
The funds would be utilised to retire/pre-retire all existing financial obligations of Ryka, the holding firm of Future Lifestyle.
Global private equity firm Blackstone Group LLP has invested Rs 1,750 crore in Future Lifestyle Fashions Ltd., the Kishore Biyani-led Future Group said Friday.
"Funds managed by Blackstone Group have invested Rs 1,750 crore (including by way of debentures) in Ryka Commercial Ventures, the holding company of Future Lifestyle Fashions Ltd.," the company said. "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 Future Lifestyle Fashions Ltd. through a block deal with Ryka."
" Future Lifestyle and Future Group are expected to benefit from Blackstone's portfolio operations team to create value in its business," the statement said.
The funds would be utilised to "retire/pre-retire" all existing financial obligations of Ryka Commercial Ventures.
"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," said Kishore Moorjani, head of Blackstone Tactical Opportunities.
Future Lifestyle 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 Future Lifestyle and the Future Group continue to cater to the fashion needs of aspiring India," Blackstone Managing Director Luv Parikh said.
Future Group founder Biyani said, "Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take Future Lifestyle to the next level."
As on Sept. 30, Future Lifestyle had 349 stores spread across 7.3 million square feet of retail area. It had 48 Central and 100 Brand Factory stores besides 201 Exclusive Brand Outlets. It has a diversified portfolio spanning 30 fashion brands (both owned and licensed) such as Lee Cooper, Indigo Nation, Jealous 21 and BARE, among others.