Future Retail increases stake in Mother Earth

Future Lifestyle Fashions has increased its stake in Mother Earth brand to over 72 percent. “The company has made further investment in Indus Tree Crafts (ITCPL) to increase its total stake from 63.34 percent to 72.16 percent," Future Lifestyle Fashions said in a BSE filing.

Neelam Chibber, Managing Director of Industree Crafts runs Mother Earth, loved by urban shoppers for the traditional, rustic products retailed under its portfolio. The brand does not only offer very Indian craft products but also provides bread and butter to people belonging to rural part of various Indian states.

Recently, Future Lifestyle Fashions also increased its stake in clothing brand 'Mineral' to 37 percent for an undisclosed sum. The company also acquired a majority 60 percent stake in footwear firm Elisir Lifestyle. On the other hand, it divested a minority 31.5 percent stake in Celio Future Fashion for an undisclosed amount. Future Lifestyle now holds 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 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.