Future Group’s Kishore Biyani expects his new fashion business, Future Lifestyle Fashion, to be listed before June this year, as the retail baron creates separate verticals in the Future Group to facilitate foreign direct investment. 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. There 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 recently. Biyani had earlier said that he expects business of around Rs 4,000 crores 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 Rs 1,226 crores worth of debt is expected to be transferred from Pantaloon Retail into the new company. PRIL’s debt stood at Rd 7,846 crores as of September 30, 2012.
With out any doubt whatsoever, the Mauritian route leads to Tax Heaven.The moment, GARA was introduced in 2012, markets reacted wildly. Now, some confusion in the budget of 2013 and market reacts wildly. This route therefor may force investors to pledge pant for a loan