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Future Ventures firms up stake sell in AND, Biba

By FashionUnited

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As reported earlier after relisting Future Venture as a fast

moving consumer goods company (FMCG), retail baron Kishore Biyani is all set to unlock value of two apparel companies under the company’s fold – ethnic wear brand Biba and Anita Dongre’s AND. As per sources, he is already in the final stages of selling his 22.86 percent stake in designer Anita Dongre’s AND Designs to private equity fund General Atlantic for Rs 150-200 crores.

L Capital, an investment arm of French luxury conglomerate LVMH, and the newly floated 500 million dollars (Rs 3,013 crores) private equity house Kedaara Capital were also eyeing a stake in AND. Biyani had invested around Rs 40 crores in both Biba and AND almost six years ago.

AND Designs, that sells women's garments under brands AND, Anita Dongre and Global Desi registered revenues amounting to Rs Rs 280 crores in 2012-13. Sources said that General Atlantic raced ahead in competition by offering a higher valuation of 14-15 times the company's operating profit.

CX Partners, ChrysCapital, TA Associates and General Atlantic Partners were said to be in the race to acquire about 30 percent stake in Biba valued at Rs 1,000 crores. Biba has 118 standalone stores with Rs 350 crores of annual sales and an operating profit of about Rs 80 crores.
AND india
BIBA
Future Group