Blackstone, the world’s largest private equity firm, is investing about $250 million in Kishore Biyani-led Future Lifestyle Fashion. Blackstone is expected to take 6-7% holding in the Future Group.
Future Lifestyle Fashion owns supermarket chains like Bigbazaar, Brand Factory, EasyDay and more.
The funding is slated to be through a combination of equity and structured debt. The capital will be used for the expansion of Biyani’s deep-discount retail format Brand Factory.
Future Lifestyle Fashions is backed by Singapore-headquartered L Catterton and PremjiInvest, L&T Mutual Fund and LIC. L Catterton and PremjiInvest own around 17% in the company, while L&T Mutual Fund and LIC hold 4 and 6.5, respectively. On the other hand, Biyani and his family currently hold 53.43% in the company through different entities.
Future Lifestyle Fashions is operating more than 300 stores across 90 cities in India.