MUMBAI: Kishore Biyani-led Future Group on Tuesday mentioned it can foray into the worldwide marketplace for fashion and shopper merchandise by means of a 50:50 three way partnership with Oman-based mostly Khimji Ramdas (KR).
The three way partnership — KR Future Fashions – can have an funding of Rs 150 crore and can open about 18 unique ‘fbb’ shops in the Center East in the subsequent few years. The proposed shops can be about 15,000 sf in dimension and can cater to the worth section.
“We'll open the primary fbb retailer early subsequent 12 months in Oman. We plan to open 5-6 shops subsequent 12 months initially, and about 18 shops in the Center East in the subsequent few years,” mentioned Future Group CEO Kishore Biyani.
Biyani additionally mentioned that the strategic partnership was a step in the direction of making fbb a worldwide fashion model.
“We're optimistic that the mix of our fashion know the way and KR’s native in-market experience will get us nearer to our purpose of getting fbb to our purpose of getting fbb to the helm of prime 10 most well-liked worldwide fashion manufacturers,” he mentioned.
fbb will deal with rising
quantity gross sales, and targets a manufacturing of 100 crore clothes a 12 months in the subsequent 5 years. The worldwide foray will assist us meet this goal. “Presently, we produce about 22 crore clothes a 12 months and can contact 30 crore clothes subsequent 12 months,” he added.
Going ahead, the corporate may also leverage the three way partnership to strengthen the distribution of the corporate’s meals and FMCG manufacturers internationally.