New Delhi, July 22 (IANS) Realty major DLF is planning to sell its luxury retail business, DLF-Brands Limited (DBL), as it is making losses, a senior company official said here Thursday.
‘Its (DBL) performance is one big factor infront of the board to make the decision. As our brand name of DLF was associated with DBL, it’s performance was coming on us,’ senior company official told IANS.
DBL had reported a net loss of Rs 7.41 crore on a turnover of Rs 47.39 crore, according to DLF’s annual report (2008-09).
DLF Wednesday informed the Bombay Stock Exchange (BSE) that the company board at its meeting on July 28 may consider issuing further equity shares of DBL to a strategic investor.
‘After the sale of DBL, we may even get rent for them in our commercial properties like (malls),’ the official added.
In 2009, DBL brought the luxury-fashion label Donna Karen New York (DKNY) and opened three stores in the capital.
DBL also has separate joint ventures (JV) with other luxury brands like Armani, Ferragamo and Boggi who hold a majority stake in the JV.
DLF’s other non-core business apart from DBL includes luxury hotel chain Amar Resorts, DT cinemas and wind power business.