Retail conglomerate Future Group, which owns fashion chains like Big Bazaar, Brand Factory and Central, will be among the top 10 global fashion companies selling about 35 crore garments by FY2019, group CEO Kishore Biyani said.
According to a PTI report: The company, which has built an integrated warehouse with a capacity of over 30 crore garments in Nagpur, is betting big on the growing demand from fashion conscious customers and consumers’ interest for lifestyle and fashion.
Biyani said by next financial year the fashion units alone will clock total revenue of US $3-3.5 billion (about Rs 20,000 crore). He, however, denied commenting on expected profit.
“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 told PTI in an interview.
The company sells other brands along with its own such as John Millers, DJ&C, Converse, Clarks, Urban Yoga, Bare, Indigo Nation and Scullers, among others.
Its portfolio covers fashion categories including formal menswear, casual wear, active or sportswear, ethnic wear, denim wear, footwear and accessories for men and women.
While many of the brands have been developed by the group over a decade, the company also has exclusive licensees and joint ventures with global brands.
Without specifying any name, Biyani said the largest player in the world has a capacity of about 120 crore garments per year and the Future Group would be at 35 crore.
“The company will be looking at a revenue of US $3-3.5 billion from the fashion segment, once we roll out in full capacity,” he was further quoted by PTI as saying.
The group’s fashion outlets, including Fashion at Big Bazaar (FBB), are run by two operating listed companies — Future Retail and Future Lifestyle Fashions Ltd.
Future Retail had reported a standalone net profit of Rs 153.16 crore for the second quarter ended September 2017. Future Lifestyle Fashions reported a consolidated net profit at Rs 30.28 crore during the same quarter.
The retail chain last month unveiled a 30-year vision, Retail 3.0, by when it plans to become Asia’s largest integrated consumer retailer by 2047 with revenue of in excess of US $1 trillion.