Blackstone pumps in Rs 1750 cr in Future Lifestyle Fashions, making 1st investment in retail fashion segment

Blackstone has infused Rs 1,750 crore in Kishore Biyani’s Future Lifestyle Fashions Ltd (FLFL). This is the New York-based private equity firm’s first investment in the retail fashion segment.

The investment has been made in FLFL’s holding company Ryka Commercial Ventures Pvt Ltd, making Blackstone the only financial partner in Ryka.

The Future Group said in a statement, “Funds managed by Blackstone have invested in Ryka Commercial Ventures through debentures. With this transaction, Blackstone will be the only financial partner in Ryka. As a part of the transaction, Blackstone has also acquired a 6% stake in FLFL through a block deal with Ryka.”

Blackstone’s proceeds of the investment are used to retire/pre-close all existing financial obligations of Ryka.

Kishore Biyani, CEO of Future Group, said, “We are delighted to have Blackstone as a financial partner for FLFL’s business. They share our excitement and vision for Future Lifestyle Fashions business. Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level.”

Kishore Moorjani, Head of Blackstone Tactical Opportunities, Asia, stated, “We have been impressed with the business that Kishore Biyani has built at Future Group and are delighted to support Future Group in this journey.”

Luv Parikh, Managing Director, Blackstone, added, “This is our first investment in this sector. We look forward to being a value-added investor as FLFL and the Future Group continues to cater to the fashion needs of aspiring India.”