Future Lifestyle exits from Biba, AND; sells stake for Rs 450 cr

New Delhi: Future Lifestyle Fashion Ltd(FLFL), part of Kishore Biyani-led Future Group, today said ithas divested minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crore.

"We are exiting mature investments. Both the investmentswere made more than five years ago. We exit investments whenthey become large. Total receipts from divestment of Biba andAND was Rs 450 crore," said Future Group founder Kishore Biyani.

While Biyani refused to give the break-up of valuationsof investments in Biba Apparels and AND Designs, in aninvestors' update the company has stated that it made a profitof Rs 190 crore from sale of stake in Biba.

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FLFL had 22.9 percent stake in AND Designs and 25.8 percent stake in BIBA Apparels.The Future group had first acquired a 6.5 per cent stakein Biba in 2007, which was gradually increased to 25.8 percent in 2011.

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While FLFL has exited from two investments, it has alsopicked up minority stakes in three companies. These arefootwear firms Tresmode and Famozi shoes and Mineral, adesigner label from Priyadarshini Rao.

"These investments will mature in 4-5 years," Biyaniadded.

During the 2013-14 fiscal's second quarter endedSeptember 30, FLFL reported net profit of Rs 108.90 crore andnet sales of Rs 690.10 crore.

The company did not have operations in July-Septemberquarter of the previous fiscal, 2012-13, for comparison.

Future Retail demerged its fashion business in November2012 and formed a new company called Future Lifestyle Fashions(FLFL). FLFL has a portfolio of over two dozen fashion andlifestyle brands.

PTI