Future Lifestyle Fashions has raised Rs 250 crore in a subsidiary that houses the Lee Cooper brand of clothing, valuing the brand at Rs. 1000 crores. The funds have been raised from a group of investors including Nomura, Barclays and Adani Capital, said people directly aware of the matter.
Future Specialties Retail has issued compulsorily convertible preference shares (CCPS) to the investors who have the option of converting these instruments into a 26% stake in the company after three years. Spokespersons for Adani Capital and Barclays declined comment, while Nomura also did not respond to emailed queries.
Future Lifestyle has exclusive rights to sell the Lee Cooper brand in a clutch of countries including India, Bangladesh, Maldives, Bhutan and Nepal.
The Lee Cooper brand is owned by New York-headquartered ICONIX Brand Group and is sold in over 100 countries. ICONIX also owns other brands in categories as wide as fashion, sports, entertainment and home. Its portfolio includes brands such as Umbro, Ed Hardy and Starter.
The brand clocked revenue of Rs 300 crore for the year to March 2016 and reported operating profit of Rs 40 crore as per the stock exchange filing issued by Future Lifestyle. Lee Cooper is retailed across Future Lifestyle stores such as Central and Brand Factory and through exclusive outlets.
Future Lifestyle markers have a vast portfolio of international brands in India that includes Giovanni, Converse, John Miller and Umbro amongst others. It has a portfolio comprising over two dozen brands and over 5 million square feet of retail space.
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