Mumbai (Maharashtra) [India], Oct 31: Reliance Brands Ltd, a subsidiary of Mukesh Ambani-led Reliance Industries, has bought an additional stake of 2.5 per cent in luxury apparel firm Future101 Design to take its share to 17.5 per cent.
Future101 Design is the parent firm of luxury designer Raghavendra Rathore’s label. The additional stake is expected to strengthen Reliance’s presence in the domestic luxury menswear segment.
“Reliance Brands Ltd has increased its equity shareholding in Future101 Design Pvt Ltd (Future101) by 2.5 per cent for a consideration of Rs 2 crore, taking its equity shareholding in Future101 to 17.5 per cent,” Reliance Industries said in a statement.
“The investment does not fall within related party transaction and none of the company’s promoter or promoter group or group companies have interest in Future101,” the statement added. No regulatory approvals were required for the said acquisition of shares, it added.
Future101, incorporated in July 2013, makes and sells luxury apparel in India. It reported annual turnover of Rs 27.91 crore, Rs 22.18 crore and Rs 20.85 crore in FY 2018-19, 2017-18 and 2016-17 respectively.