French luxury goods conglomerate LVMH-backed private equity firm L Catterton Asia will acquire 10 per cent stake in Kishore Biyani-led Future Lifestyle Fashions (FLFL) for an undisclosed sum. L Catterton Asia will acquire an approximately 10 per cent stake in FLFL through a mix of preferential allotment and secondary purchase of shares," FLFL said in a regulatory filing today. "L Catterton Asia's significant investment in FLFL will enable FLFL's retail formats, Central and Brand Factory, and own brands to leverage the global fashion and retail expertise of L Catterton to further strengthen and expand the business," the company said. Future Group Founder and CEO Kishore Biyani said this investment reinforces FLFL's position as India's leading lifestyle fashion company while opening up avenues of global collaboration for us. L Catterton Asia Chairman and Managing Partner Ravi Thakran said, "We have jointly identified areas where we can bring our unparalleled fashion and brand experience to unlock value for all stakeholders." "The underpenetrated retail sector in India offers significant opportunity and we look forward to working alongside Biyani and the outstanding management team throughout this next phase of the company's growth," he added. Lazard India acted as the sole financial adviser to FLFL and its shareholders. Founded in 2012, FLFL owns and markets about 30 fashion brands through exclusive brand outlets, department stores and multi brand outlets, as well as company operated chains such as Central and Brand Factory. L Catterton Asia invests in select consumer lifestyle businesses that will benefit from growing discretionary consumption in Asian markets.