Funds managed by Blackstone, one of the world’s leading investment firms, have invested ₹1,750 crore (including by way of debentures) in Ryka Commercial Ventures Pvt Ltd, the holding company of Future Lifestyle Fashions Limited (FLFL), and FLFL. As a part of transaction, Blackstone has also acquired a 6 per cent stake in FLFL through a block deal with Ryka.

With this transaction, Blackstone will be the only financial partner in Ryka.

"Proceeds of the investment has been utilised to retire / pre-retire 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," Blackstone and FLFL said in a joint press release.

FLFL is one of India’s largest integrated branded fashion companies and counts L Catterton, Premji Invest and Apollo Global Management as existing large stakeholders. With this investment by Blackstone, another globally marquee institutional name has been added to this list.

“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, Asia. 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.”

“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,” said Kishore Biyani, Group CEO of Future Group.

Fibre2Fashion News Desk (RKS)

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