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Two companies express interest in Future Lifestyle Fashions

Two companies have shown interest in acquiring the assets of Future Lifestyle Fashions, a segment of the distressed Future Group that became bankrupt in May this year. Expressions of interest were solicited from potential buyers under the Insolvency and Bankruptcy Code.

Presently, Future Lifestyle Fashions, which owns retail properties like Central and Brand Factory, is indebted to various creditors, including 11 banks, with an outstanding amount of approximately Rs 5,700 crore. In fiscal year 2022, the company reported revenue of Rs 2,994 crore but incurred a substantial loss of over Rs 2,500 crore. However, sales showed significant increase in the first half of FY’23, reaching Rs 421 crore.

A part of Kishore Biyani's beleaguered retail empire, Future Retail has already declared bankruptcy, and Future Enterprises has sought liquidation. Another group entity, Future Consumer, carrying dues of Rs 470 crore, aims to alleviate its debt burden through asset sales and other strategic measures. In the September quarter, the company's board approved the sale of 'The Nilgiri Diary Farm' and 'Aadhaar Wholesale Trading and Distribution' for a combined sum of Rs 87 crore.

Two companies express interest in Future Lifestyle Fashions

Relaxo Footwears reports for Q2 FY24

03 November 2023, Mumbai

As per latest ETRetail report l
Footwear retailer Relaxo Footwears
The second quarter of 2023 saw a remarkable growth of 97% in the net profit of Relaxo Footwears, reaching Rs 44.19 crore.
This was a huge jump from the net profit of Rs 22.40 crore in the same quarter of the previous year, according to a regulatory filing.
The company also reported a higher total income of Rs 725.86 crore for Q2 FY24, compared to Rs 675.31 crore for Q2 FY23.

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Menswear brand XYXX aims for 70 per cent revenue growth this fiscal

20 November 2023, Mumbai

With revenues totaling Rs 110 crore in the last fiscal year, men's innerwear brand XYXX is now setting its sights on a significant growth of 50-70 per cent in the current fiscal year. Yogesh Kabra, Founder, envisions sustaining this growth at 50 per cent year-on-year for the next decade and plans to expand offline operations to realize this ambitious goal.

XYXX is diversifying its product categories and has recently entered the athleisure segment to complement its existing revenue streams. Currently, 97 per cent of the brand's revenue comes from essential wear, including innerwear and loungewear, and there are plans to double its athleisure wear category.

Presently available in 22,000 general stores, XYXX aims to expand its retail presence by 25-30 per cent, reaching 30,000 general trade stores. The brand also has ambitious plans for modern trade stores, targeting a 300 per cent increase by FY'25. Additionally, the opening of two new exclusive brand outlets (EBOs) is part of the strategy, with the goal of introducing 15-20 more EBOs by FY'25.

Online channels contribute 50 per cent of the brand's revenue, while modern trade accounts for 2 per cent, and the remaining 48 per cent comes from general trade. Geographically, the brand generates 35 per cent of its revenues from the North, 30 per cent from the South, 25 per cent from the West, and the remaining 10 per cent from the East. Following a successful Series C funding round that raised Rs 110 crore in May 2023, XYXX currently has no plans to seek fresh capital in the next 12-13 months.

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CavinKare Ability Awards 2024: Recognizing Achievers with Disabilities

30 October 2023, Mumbai

Nominations Open: CavinKare and the Ability Foundation are inviting nominations for the 22nd CavinKare Ability Awards 2024, which recognize the perseverance and accomplishments of individuals with disabilities.
Awards Categories: The awards are presented in two categories: the CavinKare Ability Award for Eminence and CavinKare Ability Mastery Awards.
Eligibility: The awards are open to individuals with disabilities who have made significant contributions to their fields and have inspired others with their resilience and determination.
Nomination Deadline: The last date for nominations is Monday, November 20, 2023.
About the Awards:

The CavinKare Ability Awards are a highly coveted recognition that acknowledges the remarkable accomplishments of individuals with disabilities and highlights their outstanding achievements.
Winners receive prize money, a trophy, and a citation in recognition of their achievements.

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CavinKare Ability Awards 2024: Recognizing Achievers with Disabilities

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