ICICI Venture exits India's Future Lifestyle
ICICI Venture has exited its stake in Future Group-owned India apparel company Future Lifestyle Fashion (FLF) through an open market transaction.
According to stock market disclosures, FLF sold its 1.15% stake - or 2.1 million shares - for INR175 million ($2.7 million) to an investment unit of Morgan Stanley.
ICICI Venture acquired its interest by investing in Future Retail, then Pantaloon Retail, in 2006. It then obtained shares in FLF through a stock swap deal as part of a group restructuring in 2013. FLF - which has a portfolio of over 40 fashion brands - was formed out two previously separate subsidiaries, Future Retail and Future Consumer.
FLF has been an active strategic investor in India's apparel space, having recently upped its stake in ethnic products firm IndusTree Crafts from 63.34% to 72.16%. It had also made minority investments in brands such as Tresmode, Famozi, Peperone and women apparel firm Desi Belle. Share in
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