Future Group's apparel arm denies plan to sell fashion brands to raise Rs 1,000 cr

Future Lifestyle Fashions Ltd. (FLF) clarified on Wednesday that it is not planning to sell off a few fashion brands in its portfolio to raise Rs 1,000 crore. 

The apparel firm of Future Group, in a regulatory filing on Tuesday, denied a media report that stated that Future Group has initiated the revival process for FLF, which has not defaulted on loan repayments and is also not a part of the insolvency proceedings against the group. 

The report was published by the Economic Times on April 25, after Reliance Industries Ltd. (RIL) called off its deal to buy assets of the Kishore Biyani-owned retailer. 

Also Read: Future group shares tumble up to 20% as future remains uncertain 

"The company in the course of its business, explores and evaluates various possibilities, which are always a subject matter of further feasibility studies and the need for requisite consents in accordance with the applicable laws," FLF said in the filing. 

"At present, there has been no such decision taken by the Board of Directors of the Company, which should have been announced by the Company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," the company added. 

FLF owns department store chain Central and discount store format Brand Factory and has nearly a dozen apparel labels comprising Ancestry, Urbana, Cover Story, Indigo Nation, aLL, and Scullers in its portfolio. 

The news report had claimed that the company had already finalised its deal to sell Cover Story for Rs 220 crore and will work with banks as well as existing investors to restructure loans. 

Also Read: Future Group to focus on saving, rebuilding its firms after RIL deal falls through