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2015-02-25

Future Lifestyle raises stake in \'Mother Earth\' to over 72%

In October 2014, the company acquired 60 per cent stake in Elisir Lifestyle.

Future Lifestyle Fashions has raised its percentage of stake in environment friendly products manufacturer and retailer brand Mother Earth up to 72 per cent, according to various media reports.

"The company has made further investment in Indus Tree Crafts Pvt Ltd (ITCPL) to increase its total stake from 63.34 per cent to 72.16 per cent," Future Lifestyle Fashions said in a BSE filing.

Industree Crafts started out in 1994 as a result of Neelam Chhiber along with social investor Gita Ram and co-founder Poonam Bir Kasturi, Chhiber set up the company as a private limited firm in 1994, selling contemporary products, mainly home accessories, designed by them but made in villages.

While the investement from Future group, Mother Earth a brand for Industree Crafts Pvt ltd opened its new flagship store in Bangalore Domlur in Spring 2009 and aims to open 40 stores in 5 years.

In October 2014, the company acquired 60 per cent stake in Elisir Lifestyle, a company engaged in business of manufacture, supply and distribution of footwear and accessories in India.

Future Lifestyle Fashions Limited [FLF] has been formed through the demerger (which happened on November 2012) of the lifestyle fashion businesses of Future Retail Limited (formerly Pantaloon Retail India limited) and Future Ventures India Limited.

FLF brings together the four key components in the fashion industry - a strong portfolio of owned and licensed brands, a well established retail presence, a pan-India reach for its brands through a strong distribution network and investments in fast growing fashion brands - into a single entity. As an integrated fashion company with presence across all key segments within the fashion industry, FLF will benefit from operating mature businesses that have built its presence and strengths for well over a decade.

As per the report, the company also picked up minority stakes in brands like Tresmode, Famozi, accessories brand Peperone, women apparel firm Desi Belle and Mineral, a designer label from Priyadarshini Rao.

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