Expansion of fashion retail format by Future Group
Future Group plans to open 80 new stores for its affordable fashion format FBB this fiscal to grow the store count which at present is 300, its CEO Kishore Biyani said.
Biyani said the retailer plans to sell 23 crore units of garments by next year March and expects it to grow to 80 crore units by 2021. “Next fiscal, we are targeting Rs 10,000 crore sales from fashion and we expect much of it will be driven from Kolkata,” he said.
Biyani expects prices at FBB will plunge by 3-5 per cent every year as the retailer gains scale in operations and backend. Around 40 per cent of the group’s revenue is driven by fashion, he said.
Future Group launched its largest FBB store in Kolkata. The group is on an expansion spree in the city and soon plans to set up a central store over 1.5 lakh square feet in Rajarhat. Future Supply Chain Solutions has also just set up an integrated apparels and general merchandise distribution centre at Burdwan. This will serve all the Big Bazaar and FBB stores located in West Bengal, Orissa, Bihar and North Eastern States. The facility is spread over 2.6 lakh square feet.
CEO also said the new distribution centre at Burdwan will enable the group to reduce complexity, increase productivity and offer better services to customers in the Eastern region.
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