Blackstone, globally the biggest private equity firm, has invested a whopping Rs. 1,750 crore in Future Group’s flagship fashion business – Future Lifestyle Fashion.
The private equity firm is investing in Ryka Commercial Ventures, the holding company of Future Lifestyle Fashion, through debentures which will be used to retire or pre-close all existing financial obligations.
Blackstone is infusing capital combining equity and structured debts. This will fund the capital expansion of Kishore Biyani’s deep-discount retail format ‘Brand Factory’.
Notably, Brand Factory is modelled on American retailer TJ Maxx.
July 2019 had seen Blackstone acquiring around 6 per cent stake in Future Lifestyle Fashion for about Rs. 545 crore in a secondary market transaction.
Kishore Biyani and his family owns 53.4 per cent of Future Lifestyle Fashion through various entities including Ryka Commercial Ventures.
Source:-https://in.apparelresources.com/