Future Group has partnered with fabric brand Vardhman to co-develop products for its apparel business and plans to launch 6-7 products every year. Future Group will use Vardhman’s fabric for products being sold across its formats such as FBB, Central and Brand Factory.
“Apparel is a very important business for us and it is growing rapidly. We have signed a memorandum of understanding (MoU) with the Vardhman Group to co-develop products for our apparel business. This strategic partnership will enable us to make quality fashion more affordable,” Rakesh Biyani, Joint Managing Director, Future Retail told PTI.
“We plan to launch 7-6 products every year. Initially, the products will be for our value fashion format FBB. Later, we will launch these co-developed apparels at other Future Group apparel formats,” he further told PTI.
According to a PTI report: Biyani, however, did not disclose the financial details of the agreement.
Earlier, FBB had said it plans to invest Rs 350 crore to open about 140 exclusive outlets as it aims to double its turnover in the next two years.
At present, FBB retails its products through 385 points of sales in Big Bazaar stores, including 62 exclusive outlets.