Future Lifestyle acquires 80 percent stake in Giovani

Business

Future Lifestyle acquires 80 percent stake in Giovani

by Sujata Sachdeva
14 Nov 2014

Future Lifestyle Fashion, the listed entity of Future Group, has acquired a majority 80 percent stake in Giovani fashion brand after sealing the deal in June from its owners Dhir International, a garment manufacturer and exporter. Dhir will continue to act as a minority partner with the remaining 20 percent stake.

The company plans to make Giovani a Rs 100 crores brand in the next two to three years. It has opened 10 flagship stores in total, with recent store launches in Infinity mall, Mumbai, Elante Mall, Chandigarh and Pacific Mall, Dehradun.

Earlier, the company acquired a majority 60 percent stake in footwear firm Elisir Lifestyle for an undisclosed amount. On the other hand, it divested a minority 31.5 percent stake in Celio Future Fashion for an undisclosed amount. Future Lifestyle will hold a 3.5 percent stake in Celio Future Fashion. This is in line with the company’s strategy to exit from its non-core businesses. In November, Future Lifestyle Fashions had divested its minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crores.