India’s Future Group is anticipating online sales of ₹1,000 crore this fiscal, according to its chief executive officer Kishore Biyani, who declined to disclose online sales figures for 2017-18. The firm has online presence in fashion with brands like FBB and Future Lifestyle and plans to take its fashion discount retail chain Brand Factory online by March.
The recent changes in norms for e-commerce companies were mere clarifications and there was nothing new, Biyani told a news agency. He did not feel the policy would help physical stores.India's Future Group is anticipating online sales of ₹1,000 crore this fiscal, according to its chief executive officer Kishore Biyani, who declined to disclose online sales figures for 2017-18. The firm has online presence in fashion with brands like FBB and Future Lifestyle and plans to take its fashion discount retail chain Brand Factory online by March.#
The Indian Government tightened foreign direct investment norms for the e-commerce sector in December, disallowing online marketplaces with foreign investments from selling products of the companies where they hold stakes as also exclusive marketing arrangements.
Future Group's e-commerce plans are intact irrespective of policy changes, he said.
He refused to comment on reports of Amazon looking to pick up around 9.5 per cent stake in Future Retail. (DS)
Fibre2Fashion News Desk – India
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