Apparel Online India Magazine February 1st Issue 2019 | Page 46

DOMESTIC UPDATE THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] Future Group expects online sales to touch Rs.1,000 crore this fiscal Retail major Future Group is expecting its online sales to be around Rs.1,000 crore this fiscal. The firm is expanding its presence in the e-commerce space and plans to take its fashion discount retail chain Brand Factory online by March this year. “Online for us should be Rs.1,000 crore business this financial year. Our biggest launch in the online section is going to happen in March which is brandfactory.in,” said Kishore Biyani, Founder & CEO, Future Group. Presently, Future Group operates brands in fashion verticals like FBB and Future Lifestyle in online business. Biyani has lauded the recent changes in norms for e-commerce companies, and said, “For us, this policy was always existing and there is nothing new in this policy. This policy existed. It’s more about clarification.This brings an end to people doing retail business which was the intent of the policy for a long period of time. We are very happy that there is a level playing field. There is a policy clarity. Why cannot we build our own Indian Alibaba or Indian Amazon?” In December, the Government tightened the FDI norms for the e-commerce sector, disallowing online marketplaces with foreign investments from selling products of the companies where they hold stakes as also exclusive marketing arrangements. Arvind Fashions aims to double up revenue in five years Arvind Fashions Ltd., a subsidiary of Arvind Ltd., is reportedly aiming to double up its revenue to Rs. 8,000 crore in the next five years. The company, after the de- merger from Arvind Ltd., will drive its growth through new product extensions, value retail and cosmetics business. The company is also aiming at growth in the value retail segment through its store chain unlimited which currently has 100 stores and is expected to touch Rs.1,000 crore revenue next year. “Product extensions such as innerwear and footwear are growing dramatically, contributing 10 per cent to the overall sales. Kidswear is another growing segment 46 Apparel Online India | contributing 10 per cent to our overall sales as customers are willing to spend money on products which have a shelf-life of three to four months,” informed Kulin Lalbhai, Executive Director, Arvind Ltd. Arvind Fashions is all set to be listed individually FEBRUARY 1-15, 2019 | www.apparelresources.com in the coming weeks. “This is a vertical listing and we are not raising any money. Independent businesses end up creating a lot more value and we are confident that the business has achieved the scale to stand independently,” added Lalbhai. Arvind Fashions identifies e-commerce as a growth strategy medium as it seeds Arvind brands in cities and towns where the company does not have a presence. The outlook for the future entails tracking the online demand from cities like Kanpur, Jalandhar, etc. and later opening a store there. Arvind has recently started selling Sephora products on its website Nnnow.com, and is aiming to turn Sephora into an over Rs.500 crore business in three years.