Future group reworks strategy for Laura Ashley partnership
Kishore Biyani's Future group has partnered with UK clothing and homeware retailer Laura Ashley to make and sell its merchandise in India.
Laura Ashley, which runs about 450 stores globally has currently signed the licensing deal for its larger business - home furnishings.
"We are trying to bring aspirational products within Home-Town as there is enough potential in the market. We are reworking on a strategy for specialty business and will partner or bring more global brands in the category," Future Group CEO Kishore Biyani told the Economic Times.
"We will also house the brand within department store Central and open at least 15 stores in the next few years", Biyani added.
Laura Ashley had earlier in a statement confirmed the deal. Tan Sri Dr Khoo Kay Peng, chairman, had said that developing the brand’s international presence and exploring new partnership opportunities was an important part of their strategy.
Almost three-fourths of the furniture and home-furnishings industry in India is controlled by standalone stores and carpenters.E-commerce players like Flipkart and Amazon too are trying to cash in on the booming furniture market in India.
Global giant Ikea will open its first Indian store this year in Hyderabad and plans to open 25 stores — each large enough to fit about four football fields — in the country by 2025.
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