Future Lifestyle Fashions said it is hiving off its denim jeans brand Lee Cooper into a new subsidiary, Future Specialty Retail, while also issuing Rs 250 crore convertible preferential shares to the new subsidiary. Future Specialty Retail was incorporated on September 27, with a subscription amount of Rs 5 lakh, according to a BSE exchange filing.
Quoting market sources, media reports informed that this fund infusion will result in the promoters diluting 26 per cent of the brand value of Lee Cooper, which is pegged at Rs 1,000 crore.Future Lifestyle Fashions said it is hiving off its denim jeans brand Lee Cooper into a new subsidiary, Future Specialty Retail, while also issuing Rs 250 crore convertible preferential shares to the new subsidiary. Future Specialty Retail was incorporated on September 27, with a subscription amount of Rs 5 lakh, according to a BSE exchange filing.#
In the same filing, the Kishore Biyani led company also said that it's another wholly-owned subsidiary, Future Trendz, will carry on the fashion retail business and related activities.
Future Lifestyle Fashions operates fashion retail chains like Central and Brand Factory and also has various other clothing brands like Sculler, Clarks, Indigo Nation and Lee Cooper. (AR)
ALCHEMPro News Desk – India
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