ICICI Venture exits Future Lifestyle Fashions

Private equity firm ICICI Venture has exited its investment in Future Lifestyle Fashions Ltd (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, through an open market transaction. It held 1.15 per cent stake in the firm through India Advantage Fund and sold its entire 21,43,844 shares for Rs 17.5 crores. The shares were picked by an investment unit of Morgan Stanley.

ICICI Venture had earlier invested in Future Retail and got shares of Future Lifestyle as part of the stock deal in the group restructuring two years ago. Future Lifestyle Fashions has a portfolio of over 40 fashion and lifestyle brands.

Future Lifestyle Fashions (FLFL) reported a net profit of Rs 6.14 crore for the fourth quarter ended March 31, 2015, helped by lower expenses. The company had posted a net loss of Rs 186.66 crores in the same quarter last year.