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Future Lifestyle raises stake in Mineral apparel brand
10
Sep '15
Future Lifestyle Fashions Ltd (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, has made fresh investment in Mineral Fashions (MFPL), which has increased its total holding from 37 per cent to 49.62 per cent of the equity share capital of MFPL, the company said. FLF did not disclose the amount involved.

Launched in 2011 by Jaydeep Shetty and Priyadarshini Rao, Mineral offers clothing, handbags, fashion jewelry and is available at exclusive stores in Mumbai and at select stores of Shoppers Stop, Central, Lifestyle & Brand Factory. It has also tied up with e-commerce giants such as Amazon, Myntra and Jabong.

Besides Future Lifestyle, the company is also backed by Mukhi family of the Solar Group. Last December, Future Lifestyle had hiked its holding in Mineral from 22.70 per cent to 37 per cent.

Future Lifestyle Fashions, which now houses the fashion business spliced out of Future Retail and Future Consumer with a portfolio of over 40 fashion and lifestyle brands, has been pumping money to raise its holding in the labels.

Last week, it increased its stake in another apparel firm Rachika Trading Pvt Ltd from 80 per cent to 96 per cent. Rachika Trading sells its products under brand Giovani.

Earlier this year, FLF had increased its stake in ethnic products firm Indus Tree Crafts Pvt Ltd from 63.34 per cent to 72.16 per cent. Indus Tree Crafts is designing, creating, exporting, retailing and distributing a range of environmentally and socially sustainable products under brand name 'Mother Earth'. Its product range includes clothing, linen, crockery, accessories, food and gift and décor. (SH)

Fibre2Fashion News Desk – India

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