New Delhi: Kishore Biyani-led Future Lifestyle Fashions Ltd on Friday announced divestment of 31.5 per cent of its stake in Celio Future Fashion Ltd for an undisclosed sum.
"Future Lifestyle Fashions Ltd has executed definitive documents with Celio International SA, Belgium for divestment of its 31.5 per cent stake in Celio Future Fashion Ltd (CFFL)," the company said in a filing to the BSE.
Upon completion in terms of the documents, FLFL will hold a 3.5 per cent stake in CFFL, the company added.
CFFL began operations as a 50:50 joint venture between French menswear retailer Celio and Future Lifestyle Fashions.
Last year, Future Group is said to have divest 15 per cent stake in company to Celio.
At present, Celio has over 30 standalone stores in the country.
Founded in 1985 by Marc and Laurent Grosman, Celio International has 1,000 stores in 70 countries.
Future group has been hiving off its investments in other companies to reduce its debt. In November last year, it divested minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crore.
Future Lifestyle Fashions was formed after Future Retail demerged its fashion business in November 2012. FLFL has a portfolio of over two dozen fashion and lifestyle brands.