Future Retail forms ‘Future Retail LLC’ with Khimji Ramdas for Middle East entry

By

Maverick Martins

Published
May 3, 2018

Future Group owned firm Future Retail as part of its joint venture (JV) with Oman based Khimji Ramdas (KR) Group has incorporated a new firm "Future Retail LLC" for its operations in Oman and other countries in the Middle East.
 

Future Retail is expected to open its FBB fashion outlets in Oman under this partnership with the first store expected to open later this year. The company has set a target to open 5-6 stores in the Middle East during the current financial year.
 
“We would like to update that joint venture company with name of "Future Retail LLC" has been incorporated on 01st May, 2018 in order to undertake business to operate "fbb" brand fashion outlets as per the terms and conditions agreed under the Shareholders Agreement”, the company said in a BSE filing.

The 50-50 JV will operate "fbb" brand fashion outlets in Oman and across other member states of GCC. The JV Company has planned around 18 exclusive FBB stores in the Middle East over the next few years with a total investment of Rs 150 crore (approx $ 22.5 million).
 
Future Group’s value fashion brand FBB is hoping to enter the top ten performing global fashion brands in the 2019 financial year with its international expansion as it aims to sell 320 to 350 million clothing items.
 
Future Retail is one of India’s leading fashion firms with around 914 operational stores across Big Bazaar, FBB, Easyday, Foodhall, ezone and Home Town in 253 cities across India. KR Group is among the largest conglomerates in Oman with a strong distribution network, and a diverse portfolio of products and services.