Future Joins Hands with Laura Ashley for Home Furnishings
Mumbai: Kishore Biyani’s Future group has partnered UK clothing and homeware retailer Laura Ashley that runs about 450 stores globally and will have exclusive rights to make and sell merchandise as well as wholesale distribution in India. Laura Ashley was well known in the 1980s for its floral dresses and has a clothing line as well. Future Group has signed the licensing deal for its larger business — home furnishings.
“We are trying to bring aspirational products within HomeTown as there is enough potential in the market. We are reworking on a strategy for specialty business and will partner or bring more global brands in the category,” Future Group CEO Biyani said. “We will also house the brand within department store Central and open at least 15 stores in the next few years.”
About a year ago, Future acquired FabFurnish and said it will spin it off with HomeTown to create a separate listed entity with target revenue of .₹ 1,000 crore.
While three-fourths of the furniture and home-furnishings industry in India is controlled by standalone stores and carpenters, nearly half a dozen ecommerce players, including Flipkart and Amazon, have entered the market in the recent past. Hometown has 37 stores at present.
Global giant Ikea will open its first Indian store this year in Hyderabad and plans to open 25 storesin the country by 2025.