Kishore Biyani led Future Lifestyle Fashions Limited said it has hiked its stake in ethnic products firm Industree Crafts Pvt Ltd from 63.34 per cent to 72.16 per cent.
Future Lifestyle Fashions Limited (FLF), the apparel and accessories subsidiary of Future Group said in a stock exchange filing. Future Lifestyle did not disclose the terms of the transaction.
Kishore Biyani had first invested in Industree in 2009, which is in to designing, retailing and exporting of a wide range of products, including apparel under the 'Mother Earth' brand name.
Bangalore-based, Industree was co-founded by Neelam Chhiber nearly two decades back along with Poonam Bir Kasturi and started designing and retailing home accessories, but made by village artisans.
They worked through established NGOs and self-help groups and retailed through Industree branded stores, the first one which opened in 1996 in Bangalore.
Industree was into exports for the first six years and was successful in exporting products made with natural fibre as it was the only such player.
Industree is a hybrid social enterprise based in Bangalore supporting livelihoods of rural producers and agricultural workers all over the country.
They produce contemporary items using raw materials and traditional craft techniques and connects two ends of the spectrum, the producer and the market.
Future Lifestyle Fashions has a fashion business and has a portfolio of over 40 fashion and lifestyle brands.
