Future Ventures, the investment arm of the Future Group, has purchased a 33 per cent stake in Mumbai-based footwear brand Tresmode, sources told NDTV Profit today.
The deal comes soon after the Future Group announced that it would be exiting its non-core business.
The Tresmode acquisition will help Future Group increase its focus on its core retail business after it divested its insurance businesses.
Recently, the group had sold Pantaloon Retail's 50 per cent stake in Future Generali to L&T Finance. Its NBFC, Future Capital, was also sold to PE major Warburg Pincus, helping to cut debt from Rs 7,500 crore to Rs 2,300 crore.
The group has in the past also provided capital to other fashion companies such as Biba and Anita Dongre.
Tresmode, which currently has 70 outlets across the country, operates both standalone and shop-in-shop stores, and has its flagship store in Mumbai.
Kishore Biyani, promoter of the Future Group, had recently divided its group businesses into three: Future Retail, which will house the hypermarket and supermarket businesses; Future Ventures, which will have its food and FMCG brands, and Future Fashion, which will have Central & Brand factory.
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