Future Lifestyle Fashion (FLFL), the Future Group's fashion arm has bought an additional 14.3 per cent stake in Mineral Fashions, a designer and marketer of fashion clothing and accessories, the retailer said in a filing with the BSE.
The additional acquisition takes the stake of Future Lifestyle from 22.7 per cent to 37 per cent in Mineral Fashions, which retails under an eponymous name of the fashion designer Priyadarshini Rao, who founded the company.
The Kishore Biyani-led fashion retailer had made its first investment in Mineral Fashions which focuses on the premium designer end of the market in April 2013, when it picked a 22.7 per cent stake.
Mineral operates six exclusive brand outlets and is also available in large format stores like Lifestyle, Central and Shoppers Stop.
Earlier in October this year, Future Lifestyle divested 31.5 per cent of its stake in Celio Future Fashion Ltd and upon completion of the divesture, will hold only a 3.5 per cent stake in the joint venture company.
In 2012, Future Retail demerged its fashion business and formed a new company in the name of Future Lifestyle Fashions, which has a portfolio of around 40 fashion and lifestyle brands.
