Future Group to explore Gulf market with new partnership

17 May '17

2 min read

Future Group, which has several fashion retail formats under its portfolio, has signed a memorandum of understanding (MoU) with Oman based Khimji Ramdas Group to open FBB stores in UAE. It will initially sell apparel in Oman and will gradually expand to other regions in the Gulf. This is the first time that the company has forayed into international markets.

Both the companies have made an investment of Rs 75 crore each in this 50-50 joint venture.

Future Group will open 4-5 FBB stores in Oman and will eventually expand to have over 17-18 stores across the region, said Kishore Biyani, chief executive of Future Group while addressing the media at a press conference held in Mumbai. He added that the first store of the company will open in the first quarter of 2018.

Meanwhile, in the domestic market, Future Group's Future Lifestyle Fashions (FLF) has recorded a 17.5 per cent increase in its net sales for FY16. It has surpassed Shoppers Stop in terms of annual sales for the first time, as per the annual financial results of both entities. The collective sales of FLF amounted to Rs 3,877 crore during FY16.

The company expects to make a revenue of Rs 11,000-12,000 crore from its clothing business in India in the current fiscal, said Biyani. (KD)

Fibre2Fashion News Desk – India

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