Consumer-focused private equity firm L Catterton Asia is set to acquire a 10% stake in India-based integrated branded fashion retailer Future Lifestyle Fashions (FLFL) through a mix of preferential allotment and secondary purchase of shares.
Established in 2012, FLFL owns and markets 30 fashion brands through brand outlets, department stores and multi-brand outlets.
The company also operates more than 400 stores spread under Central and Brand Factory banners and has a presence across all key segments within the fashion industry.
As part of the partnership, FLFL will use the investment, global fashion and retail expertise of L Catterton to further strengthen and expand its business, including retail formats, Central and Brand Factory, as well as other owned brands.
Future Group founder and CEO Kishore Biyani said: “We are well-positioned as the preferred fashion destination in India and, with L Catterton’s pedigree and fashion expertise, we will continue to be a trendsetter through our collective deep understanding of culture, style code, passion and aspirations of Indian consumers.
“This investment reinforces FLFL’s position as India’s leading lifestyle fashion company, while opening up avenues of global collaboration for us.”
The deal will also benefit FLFL and L Catterton Asia, enabling them to enhance shareholder value created in partnership with private equity investor Premji Invest.
Lazard India acted as the sole financial adviser to FLFL and its shareholders.
L Catterton Asia is the Asian franchise of L Catterton, which currently has approximately $15bn of equity capital across six fund strategies in 17 offices globally.