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Future Lifestyle to be Rs 4,000 crore entity in 1st year: CEO Biyani

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Mumbai:

Retail chain giant Future Group, which recently demerged its fashion business under a new brand, is expecting around Rs 4,000 crore from this business in the first year of operations.

"We are expecting nearly Rs 4,000 crore from our fashion business in the next one year," Future Group Chief Executive Kishore Biyani said at an event here last evening.

The country's largest retailer recently demerged its fashion business and set up a new company, Future Lifestyle Fashion, which will be listed soon. "We have brought all our fashion businesses built over two decades into a single entity. This company will begin its journey as the leader and trend-setter in the sector and we plan to give a fresh fillip to brand building, retailing and distribution in the fashion space," Biyani said.

Future Lifestyle, in its first year of operations, will have businesses spanning departmental and speciality retail chains, a portfolio of over two dozen fashion and lifestyle brands, investments in fast-growing domestic labels and a sourcing and distribution network that will have footprint in over 112 towns. A collection of 24 foreign and domestic brands will be owned and marketed by this company, he added.

Departmental store chain Central and outlet mall chain Brand Factory, Planet Sports and all will be a part of this entity, Biyani said. At present, there are 22 Central, 20 Brand Factory, 81 Planet Sports and 19 all stores covering over 3.5 million square feet of retail space.

"We will also be investing in a number of fashion labels, including Meena and Sidharth Bindra-promoted Biba, Anita Dongre's AND Designs, the Kolkata-based Turtle and Bangalore-based IndusTree Crafts," he said. The Group-owned Pantaloon Retail will retain a 20 per cent stake in the new entity, while the rest will be owned by the existing shareholders of Pantaloon and Future Ventures, he added.

Story first published on: November 22, 2012 19:35 (IST)

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