Future Group banks on online for growth, eyes Rs 1,000 crore this fiscal
Indian fashion and retail conglomerate Future Group is planning to expand its online presence in the country for future growth in the Indian market.
The company is expecting online sales to contribute around Rs 1,000 crore to its overall revenue for the financial year 2018-19. Future Group is expecting its retail business to generate revenue of Rs 40,000 crore (approx $ 6.3 billion) for fiscal 2018-19.
Along with its retail expansion, Future Group is planning to invest heavily to strengthen its own e-commerce network this year.
It has already announced that it would be taking its fashion discount retail chain Brand Factory with brandfactory.in, which would be the company’s biggest launch in e-commerce and online business.
With changes in e-commerce laws in India, Future Group now sees an opportunity to make deeper inroads in the e-commerce sector. The company already has a significant online presence in the fashion segment with brands like FBB and Future Lifestyle.
"Online for us should be Rs 1,000 crore business for us this financial year. Our biggest launch in the online section is going to happen in March which is brandfactory.in," Future Group, founder, Kishore Biyani told PTI.
"For us, this policy always existed and there is nothing new in this policy. This policy existed. It's more about clarification. We have our own journey of digital, which would keep happening, irrespective of policy changes or not,” he added.
Future Group operates the Big Bazaar, Food Bazaar, Easyday stores along with fashion stores like Brand Factory and Central.
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