Future Lifestyle hikes stake in footwear brand Famozi to 30%
Future Lifestyle Fashions (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, has hiked its stake in Eclat Lifestyle Pvt Ltd, which runs private label footwear e-tailer Famozi, to 30 per cent by acquiring an additional 19 per cent stake in the company, as per a stock market disclosure. The firm did not disclose the deal value.
Incorporated in 2010, the brand sells products for men; but according to the website it shall be soon launching its women's collection in the market. The brand has also gone offline by launching its range through other retailers.
Famozi is also available in Singapore and Middle Eastern locations including Dubai, and will be launching in Malaysia, Pakistan and England soon.
BSE-listed Future Lifestyle had originally picked 11 per cent stake in Famozi in December last year for Rs 55 lakh.
Future Lifestyle was formed after Future Ventures, now known as Future Consumer Enterprise Ltd, hived off its lifestyle investments as part of a group restructuring.
Since listing on October 1, this is the third investment by Future Lifestyle Fashions. Recently, the firm acquired 12 per cent equity stake in the Delhi-based handbags maker Unico Retail Pvt Ltd, which operates under the brand Peperone, for an undisclosed amount.
In January this year, Fashion Lifestyle had acquired 27.5 per cent stake in Resource World Exim Pvt Ltd, a company engaged in women’s fashion apparel business under the brand 'Desi Belle', for an undisclosed amount.
The company has also struck two exits from its previous investments, including divestment of holding in AND Designs and Biba Apparel, last year.
Recently, Future Lifestyle Fashions raised Rs 125 crore ($20.8 million) from PremjiInvest, the private investment arm of Wipro chairman Azim Premji. The investment firm will get around 8.1 per cent stake in Future Lifestyle Fashions after the associated securities are converted into equity.