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CCI approves Future Lifestyle Fashions’ proposal of transferring part of its apparel marketing biz

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The Competition Commission has approved the Future Lifestyle Fashions’ proposed transfer of part of its apparel marketing business to a group entity.

CCI approves Future Lifestyle Fashions' proposal of transferring part of its apparel marketing biz
FLFL owns and manages a portfolio of fashion brands that covers various fashion categories including formal mens wear, and footwear

According to a PTI report: Under the deal, would transfer a section of its apparel marketing business, operated under the ‘’ brand, to its indirect wholly-owned subsidiary .

FSRL is a wholly-owned subsidiary of , which is a wholly-owned subsidiary of FLFL.

As part of the deal, FSRL would issue compulsorily convertible preference shares worth Rs 250 crore to FSRL CCPS Trust.

Beacon Trusteeship Ltd is the trustee of the FSRL CCPS Trust.

In a tweet last week, the Competition Commission of India (CCI) said it has approved “acquisition of shares in Future Speciality Retail by Beacon Trusteeship”.

The compulsorily convertible preference shares would be converted into 26 per cent equity of FSRL on fully diluted basis on or before 48 months from the date of subscription, as per the notice submitted to the CCI.

FLFL owns and manages a portfolio of fashion brands that covers various fashion categories including formal mens wear, and footwear.