Kolkata: Future Group, one of the major retailers in the food and fashion segments, plans to grow the latter by 30% each year, group chief executive officer (CEO) Kishore Biyani said on Saturday.
“The fashion business of the group across the various retail brands will grow 30 per cent every year,” Biyani said at the launch of its first standalone FBB store in Kolkata. Biyani said by the end of March 2018, revenue from the fashion business will touch Rs10,000 crore, adding that by 2021, the group would sell 80 crore garments.
The group has brands like FBB, Planet Sports, All, Brand Factory and Central in the fashion segment, which constitutes 45% of the group’s total revenue. Biyani said the group would set up 300 FBB stores across the country and 80 by March 2018. He said that going by scale which the group has achieved in the fashion business, prices of garments would be reduced by 2-3% each year.
The group opened a distribution centre at Burdwan on Saturday. About the goods and services tax (GST), he said “we are hoping to be in lowest slab of six per cent”. The first upmarket Central store would be opened in the city in May, he said.