ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Business deals

Blackstone invests $244m in Indian fashion giant

Deal includes 6% stake in Future Lifestyle Fashions

FLF is one of India’s largest integrated and branded fashion companies. (Screenshot of company website)

NEW DELHI -- Global private equity company Blackstone has invested 17.5 billion rupees ($244 million) by way of debentures in Ryka Commercial Ventures, the holding company of Future Lifestyle Fashions, the companies said in a joint statement.

As a part of the transaction, Blackstone acquired a 6% stake in FLF through a block deal with Ryka, the statement said. With this transaction, Blackstone will be the only financial partner in Ryka.

"This is our first investment in this sector," said Kishore Moorjani, head of Blackstone Tactical Opportunities, Asia. We look forward to being a value-added investor as FLF and the Future Group continue to cater to the fashion needs of aspiring India."

The investment has have been used to retire or pre-retire all existing financial obligations of Ryka, consolidating FLF's liabilities with one long-term investor.

FLF and the Future Group are expected to benefit from Blackstone's portfolio operations team to create value in its business, it added.

Future Group CEO Kishore Biyani said, "Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLF to the next level."

FLF is one of India's largest integrated and branded fashion companies. It also counts L Catterton, PremjiInvest and Apollo Global Management among its large stakeholders. In July, the group raised 3 billion rupees from private equity fund AION Capital Partners.

The group has a diversified portfolio spanning 30 fashion brands -- both owned and licensed -- including Lee Cooper, Indigo Nation, Jealous 21, Bare and All.

FLF generated revenue of 57.28 billion rupees with an EBITDA of 5.64 billion rupees and a net profit of 1.89 billion rupees for the fiscal year ended March.

DealStreetAsia is a financial news site based in Singapore focused on corporate investment activity in Southeast Asia and India. Nikkei recently acquired a majority stake in the company.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media