Future Group to foray into the international market for fashion and consumer products
The joint venture — KR Future Fashions – will have an investment of Rs 150 crore and will open about 18 exclusive 'fbb' stores in the Middle East in the next few years.May 18, 2017 | comments ( 0 ) |
Kishore Biyani-led Future Group has said it will foray into the international market for fashion and consumer products through a 50:50 joint venture with Oman-based Khimji Ramdas (KR).
The joint venture — KR Future Fashions – will have an investment of Rs 150 crore and will open about 18 exclusive 'fbb' stores in the Middle East in the next few years.
Kishore Biyani, CEO, Future Group, said, "We will open the first fbb store early next year in Oman. We plan to open 5-6 stores next year initially, and about 18 stores in the Middle East in the next few years.
Biyani also said that the strategic partnership was a step towards making fbb a global fashion brand.
He said, "We are optimistic that the combination of our fashion know how and KR’s local in-market expertise will get us closer to our goal of getting fbb to our goal of getting fbb to the helm of top 10 preferred international fashion brands.
fbb will focus on growing volume sales, and targets a production of 100 crore garments a year in the next five years. The international foray will help us meet this target.
He said, "Presently, we produce about 22 crore garments a year and will touch 30 crore garments next year."
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