Blackstone makes initial investment in Indian fashion sector

Nov 27, 2019Updated Nov 20, 20191 min read

International private equity firm Blackstone has invested roughly US$244 million in debentures in Future Lifestyle Fashions holding company Ryka Commercial Ventures.

The deal is accompanied by Blackstone’s acquisition of a 6-per-cent shareholding in Future Lifestyle. The firm is now Ryka’s sole financial partner.

“This is our first investment in this sector,” said Blackstone’s head of tactical opportunities, Asia Kishore Moorjani in a DealStreetAsia report. “We look forward to being a value-added investor as FLFL and the Future Group continue to cater to the fashion needs of aspiring India.”

The funds have been used to resolve all Ryka’s existing financial obligations.

“Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level,” said Future Group CEO Kishore Biyani.

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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