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Shares of Future Lifestyle Fashions rose as much as 5.2 per cent to Rs 420 on Thursday. The company on Wednesday said it would invest about Rs 1,400 crore ($20.35 mln) in online fashion retailer Koovs Plc. This will give the company access to online fashion platform, something that had been missing from its portfolio, according to Jefferies analysts.
The company will be able to operate an omni-channel play along with its physical store network and push its own brand portfolio, Jefferies said.
With the deal, both Future Lifestyle and Koovs look set to gain, said Jefferies analysts . They have maintained “buy” rating and price target of Rs 540. More than 163,000 shares changed hands, compared with the 30-day average of 97,000.
The stock has gained 15.5 per cent this year as of last close.
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