Shares of Future Lifestyle Fashions rallied 6 per cent on Friday on studies that Future Specialty Retail, a wholly-owned subsidiary, would be the sole Indian retailer for LeeCooper attire and footwear.
The inventory rose 6.28 per cent to hit a excessive of Rs 476.7 on BSE. The scrip misplaced some floor in the course of the day to finish at Rs 463.35, up 3.31 per cent.
Jefferies on Thursday initiated protection on the inventory with a purchase score. The brokerage has set Rs 510 as goal worth.
Future Lifestyle, a singular enterprise, has been a constant performer and we consider that bouquet of malls like division retailer (Central), liquidation retailer (Brand Factory) and owned/ licensed manufacturers present higher management and stock administration, Jefferies mentioned.
In an interview to ET Now, Rakesh Biyani, Joint Managing Director, Future RetailNSE 0.39 %, mentioned that Future Lifestyle Fashions’ stability sheet is kind of robust with each internet working capital and debt to fairness ratio have been progressively taking place.
“What is going to continue to drive growth is the power brand business. One of the key power brands is Lee Cooper, where we have recently announced the partnership to do footwear business. The partnership will itself take the last year’s numbers for Lee Cooper to Rs 600-crore plus and our goal in the next four to five years is to make it a Rs 1,500-1,600 crore promising denim lifestyle brand,” Biyani mentioned.