Biyani bets big on fashion, eyes Rs 7,000 cr revenue next year

Business

oi-Staff

By Super

Published: Saturday, November 30, 2013, 13:43 [IST]

Future Group founder Kishore Biyani expects to clock Rs 7,000 crore from the fashion business in the next financial year. "The fashion vertical, we think we will be a Rs 7,000- crore plus business, which is far larger than any of our other verticals. We believe Fashion at Big Bazaar' will be contributing Rs 3,000 crore and Future Lifestyle Fashion' the balance Rs 4,000 crore next fiscal," Biyani said, adding that company will increase its focus on this vertical.

Fashion at Big Bazaar on Friday roped in cricketer Shikhar Dhawan as its brand ambassador. The group would be adding 1.5 million sqft retail space next year.Future Lifestyle Fashion divested minority stakes in Biba and Anita Dongre-owned AND for Rs 450 crore and Biyani said the company is now looking at acquiring stakes in new firms. "Wherever we had minority stake, we exited in two companies AND and Biba.

We have stakes in other companies. I don't think we are currently in discussion on exiting any of them...In fact we are looking at picking up stakes in footwear, handbag, other fashion - women and men's wear companies now," he said. The company will soon announce a licensing deal with an international company to get into aerated beverages space. The deal is expected to be closed as early as December 9, he added.

PTI