Future Lifestyle Fashions denies reports of brand sale for Rs 1,000 crore equity

28 April 2022, Mumbai:

Future Lifestyle Fashions (FLF) has denied reports of selling a few fashion brands in its portfolio to raise Rs 1,000 crore.

The company has denied *a report published by the Economic Times on April 25, after Reliance Industries (RIL) called off its deal to buy assets of the Kishore Biyani-owned retailer.

The news report had claimed that the company had already finalised its deal to sell Cover Story to FLF for Rs 220 crore and will work with banks as well as existing investors to restructure loans.

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However, FLF said, in the course of its business, the company explores and evaluates various possibilities.

At present, it does not plan to initiate any such action, which if otherwise, could have been announced by the company in terms of the SEBI Regulations, 2015.

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Owner of department store chain Central and discount store format Brand Factory, FLF has nearly a dozen apparel labels comprising Ancestry, Urbana, Cover Story, Indigo Nation, aLL, and Scullers in its portfolio.

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CREDITS: *ET report.