Future Group hopes its fashion business to grow 30% in FY18
Indian retail company, Future Group is hopeful about the growth in its fashion business by 30 per cent in the next financial year to touch 10,000 crore.
The Future Group is expecting its fashion business to grow 30 per cent in the next financial year to touch Rs 10,000 crore, a company official said on Saturday.
"We expect our fashion business to grow by 30 per cent in FY18 and it is expected to touch Rs 10,000 crore in the next year," Group's CEO Kishore Biyani said here.
The group is also expecting to sell 22-23 crore garments by March 2018 and more than 80 crore of garments in the next four-five years, he said.
The group, which has about 300 FBB stores, has planned to open additional 80 outlets in the next financial year.
"We will be reducing prices by three-five per cent of the garments every year what you see today," he said at the opening of country's largest store here.
According to him, the retailer has been able to scale up its fashion business with improved supply chain and adopting technology. "With the efficiency, we would be able to reduce the prices of fashion products every year," Biyani said.
On Saturday, Biyani was in West Bengal's Burdwan district to open its second largest distribution centre.
"Consumer market in the east is the most stable than markets anywhere in the country," he said, adding that the retailer will open another store here on Monday.
Fashion business contributes about 45 per cent of the Group's revenue while food and household item segments cover the rest.
The Future Group has envisaged to Rs 60 crore for setting up a garment factory in the city. "We are working on the garment factory in the city and we have taken the space," he said but declined to make give the exact location of the factory.
Biyani expects that more efficiency will come with the rolling out of Goods and Services Tax. "We are hoping to see the lowest tax rate under the GST regime," he added.