Future Lifestyle increases stake in Mineral to 37 percent

Future Lifestyle Fashions, part of the Kishore Biyani-led Future group increased its stake in clothing brand 'Mineral' to 37 percent for an undisclosed sum. “The company has made further investment in Mineral Fashions, a designer label from Priyadarshini Rao to increase its total stake from 22.70 percent to 37 percent of the paid-up capital of Mineral,” company announced in a BSE filing.

Recently, the company also acquired a majority 60 per cent stake in footwear firm Elisir Lifestyle for an undisclosed amount. On the other hand, it divested a minority 31.5 per cent stake in Celio Future Fashion for an undisclosed amount. Future Lifestyle now holds a 3.5 per cent stake in Celio Future Fashion.

This is in line with the company’s strategy to exit from its non-core businesses. In November last year, Future Lifestyle Fashions had divested its minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crores.