Blackstone infuses Rs 1750 cr in Future Lifestyle Fashions
By Retail4Growth Team | November 18, 2019
New York-based private equity firm Blackstone has invested Rs 1,750 crore in Ryka Commercial Ventures, the holding company of Future Lifestyle Fashions Limited (FLFL).
Kishore Biyani’s Future Lifestyle Fashions has recently announced that New York-based private equity firm Blackstone have invested Rs 1,750 crore in its holding company, Ryka Commercial Venture.
“Funds managed by Blackstone have invested in Ryka Commercial Ventures through debentures. With this transaction, Blackstone will be the only financial partner in Ryka. As a part of the transaction, Blackstone has also acquired a 6% stake in FLFL through a block deal with Ryka,” the Future Group firm in a statement.
Proceeds of the investment has been utilized to retire/pre-close all existing financial obligations of Ryka, consolidating FLFL’s encumbrances with one long term investor. FLFL and the Future Group are expected to benefit from Blackstone’s portfolio operations team to create value in its business.
“We are delighted to have Blackstone as a ﬁnancial partner for FLFL’s business. They share our excitement and vision for Future Lifestyle Fashions business. 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”, Kishore Biyani, Group CEO of Future Group said in a statement.
Commenting on the transaction, Kishore Moorjani, Head of Blackstone Tactical Opportunities, Asia said, “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.” 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.”