Biyani's Future Consumer exits beauty chain

During the year ended March 31, 2014, Star and Sitara has reported net loss of Rs 10.97 crore

The Kishore Biyani-led Future Consumer Enterprise has decided to exit from beauty and wellness chain Star and Sitara Wellness.

"The board of directors have approved discontinuance of the non-core business activity of beauty and wellness undertaken by its wholly owned subsidiary Star and Sitara Wellness," the company said in a statement to exchanges.

FCEL, had acquired unisex salon chain Star & Sitara from group flagship Pantaloon Retail India for a nominal sum of Rs 1 lakh in September 2012 and had pumped in close to Rs 18 crore in the business.

During the year ended March 31, 2014, Star and Sitara has reported sales of Rs 6.83 crore, EBITDA loss of Rs 9.84 crore and net loss of Rs 10.97 crore, VCCircle repported.

The company also said its board has approved buying 51% stake in MNS Foods.