Future Lifestyle Fashions transfers Lee Cooper business to arm

Future Lifestyle Fashions has transferred its Lee Cooper business to a wholly-owned arm Future Specialty Retail (FSRL) by way of a slump exchange on a going concern basis. FSRL shall inter-alia carry on the Lee Cooper business. FSRL has issued and allotted 400 compulsory convertible preference shares of face value of Rs 910 each and 150 optionally convertible debentures of face value of Rs 1,00,00,000 each to the company. Further, there will be no change in the shareholding pattern of the company.

Moreover, it was added that “there will be no change in the pattern of the shareholding company”. Lee Cooper business has moved in to a single entity, which will lead to improved focus, performance and quicker balance up the business.

Future Lifestyle Fashions being an integrated lifestyle brands and fashion retail company operates a portfolio of brands that are well diversified across key growth categories like women’s wear, fast fashion and casual wear.