May 21: L Catterton Asia, the Asian unit of the largest and most global consumer‐focused private equity firm in the world, on Monday announced a significant investment in the Kishore Biyani-promoted Future Lifestyle Fashions Ltd (FLFL), one of India’s leading integrated branded fashion companies.
Founded in 2012, FLFL owns and markets about 30 fashion brands through exclusive brand outlets, department stores and multi brand outlets, as well as company operated chains such as Central and Brand Factory.
Launched in 2009, L Catterton Asia (previously known as L Capital Asia) is the Asian franchise of L Catterton, the world’s leading consumer growth investor.
“L Catterton Asia will acquire an approximately 10% stake in FLFL through a mix of preferential allotment and secondary purchase of shares. L Catterton Asia’s significant investment in FLFL will enable FLFL’s retail formats, Central and Brand Factory, and own brands to leverage the global fashion and retail expertise of LCatterton to further strengthen and expand the business,” said FLFL in a fling with the BSE.
Commenting on the development, Kishore Biyani, Founder and CEO of Future Group, said, “since founding FLFL in 2012, we have successfully created and grown leading Indian fashion brands and are excited to partner with L Catterton Asia to continue building on FLFL’s unique vision. 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.”
Ravi Thakran, Chairman and Managing Partner of L Catterton Asia, said, “we are excited about this new partnership with FLFL and believe it offers a unique combination of retail formats which cater to a large and fast growing aspirational consumer segment. We were attracted to FLFL due to its ability to create superior shopping experiences and a curated set of exceptional brands for the Indian consumer. The underpenetrated retail sector in India offers significant opportunity and we look forward to working alongside Mr. Biyani and the outstanding management team throughout this next phase of the Company’s growth.”
According to an official statement, this transaction will enable FLFL along with L Catterton Asia, to continue enhancing shareholder value created in partnership with existing private equity investor Premji Invest.