Future Lifestyle Fashion to be listed by June: Kishore Biyani
The country’s largest retailer, in November, demerged its fashion business and set up the new company, which will have a portfolio of over two dozen fashion and lifestyle brands.
“The business is shaping up well. They are more brands coming in. Going by what we are seeing, the company should start operations anywhere between April and June. I expect it to get listed before June,” Biyani told reporters on the sidelines of a retail conference on Thursday in Mumbai.
Biyani had earlier said that he expects business of around R4,000 crore from Future Lifestyle Fashion, in the first year of operations. At present, there are 22 Central, 20 Brand Factory, 81 Planet Sports and 19 aLL stores covering over 3.5 million sq ft of retail space, that is a part of this business. Going forward, a collection of 24 foreign and domestic brands will be owned and marketed by the new company.
About R1,226 crore worth of debt is expected to be transferred from Pantaloon Retail of India into the new company. PRIL’s debt stood at R7,846 crore as of September 30, 2012.
PRIL share closed down 2.8% at R232.30 on Thursday on the Bombay Stock Exchange. They have gained 42% of their value in the last six months.
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