International private equity firm Blackstone has invested roughly US$244 million in debentures in Future Lifestyle Fashions holding company Ryka Commercial Ventures.
The deal is accompanied by Blackstone’s acquisition of a 6-per-cent shareholding in Future Lifestyle. The firm is now Ryka’s sole financial partner.
“This is our first investment in this sector,” said Blackstone’s head of tactical opportunities, Asia Kishore Moorjani in a DealStreetAsia report. “We look forward to being a value-added investor as FLFL and the Future Group continue to cater to the fashion needs of aspiring India.”
The funds have been used to resolve all Ryka’s existing financial obligations.
“Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level,” said Future Group CEO Kishore Biyani.