Future Group eyes $3.5 billion revenue from fashion next fiscal
Future Group, which owns two listed fashion retail entities Future Retail and Future Lifestyle Fashion (FLF), is looking to generate revenue of Rs 20,000 crore ($3.5 billion) from fashion segment. It also aims to be among top 10 fashion companies by financial year 2018-19, said a top company official.
The retail conglomerate, after the launch of its Retail 3.0 model, is rapidly scaling up its business across all verticals with special emphasis on fashion by setting up new Big Bazaar, Fashion Big Bazaar, Central stores, among many others.
As part of its expansion plan the company will also open 10,000 Easyday stores as it embarks on an ambitious journey to achieve a target of $1 trillion (Rs 64 lakh crore) by 2047.
To meet the growing demands from its fashion vertical, the group has invested nearly Rs 80 crore to revamp its warehouse in Nagpur which will have a garment capacity of 35 crore once it’s full operational. The rise in volumes is also expected to reflect in the financial earnings of its fashion entities next fiscal.
FLF, which runs Central, Brand Factory and more than a dozen brands including Indigo Nation and Lee Cooper had sales revenue of Rs 3877 crore (approx $601.5 million) during FY 2016-17 while Future Retail (owner FBB) reported a sales revenue of Rs 17,075 crore (approx $2.65 billion).
“By next financial year the fashion units alone will clock total revenue of USD 3-3.5 billion (about Rs 20,000 crore)," Future group CEO Kishore Biyani told news agency PTI.
"We will be among the top 10 fashion companies in the world by FY19 manufacturing about 35 crore garments and the notable factor is that the operations are only in India, while others have global presence," Biyani added.
Future Lifestyle Fashions has around 400 retail outlets in 90 cities across India while Future Retail has 914 operational stores across Big Bazaar, FBB, Easyday, Foodhall, Ezone and Home Town in 253 cities.
Copyright © 2023 FashionNetwork.com All rights reserved.