Biyani awaits right valuation for stake in men’s wear brands

Kishore Biyani, Chairman, Future Group is waiting to get the right valuation for group’s

stake in two men’s wear joint ventures: Turtle and Celio. Though French brand Celio got the clearance from the Foreign Investment Promotion Board (FIPB) to increase its stake to 100 percent and the company is willing to acquire its stake held by Future Lifestyle Fashions, the latter has not shown keenness in offloading its 35 percent stake.

Celio Future Fashions became JV partners in 2009. Last year, the French label decided to expand its India business on its own after receiving a green signal to invest up to 100 percent in India. The company plans to treat India as an export hub, once it becomes an independent entity apart from working on an India-specific strategy to localise its offerings.

Turtle is another men’s wear brand from Kolkata where the Future Group had picked up 26 percent stake in 2008. If the Future Group decides to offload its stake in Turtle in the near future, the company is ready to move ahead on its own. In the recent past, the Future Group exited its investments in women’s wear brand Biba and AND. On the other hand, it acquired apparel and footwear brands like Giovani Fashion, Tresmode and Famozi shoes, picking up stake in these lesser known brands.