Biyani inks a JV with Oman company

After Noel Tata-led Trent, Kishore Biyani’s Future Group is foraying into overseas markets.

Future Group on Tuesday signed a memorandum of understanding (MoU) with Oman-based Khimji Ramdas LLC (KR) to set up a joint venture (JV) to launch fbb stores in West Asia. Both companies have invested ~75 crore each in the 50:50 JV.

The JV company — KR Future Fashions LLC — will open four or five fbb stores in Oman and 17 to 18 stores in the region, said Biyani, group chief executive officer, Future Group.

fbb stores sell apparel and other fashion merchandise.

Future Group is also planning to extend this partnership to retail food and fastmoving consumer goods in the region.

“This strategic partnership is a step towards making fbb a global fashion brand. We are optimistic that the combination of our fashion know-how and KR’s local in-market expertise will get us closer to our goal of getting fbb to the helm of top 10 preferred international fashion brands. We also plan to extend our partnership to our food and FMCG brands and look forward to a fruitful journey with the KR group,” Biyani said.

Last year, Trent chairman Noel Tata said the company was setting up mass market stores in West Asia. Trent Ltd is the listed retail arm of the Tata group.

The 148-year-old Khimji Ramdas group has over 400 globally and locally renowned brands, and a network of more than 3,500 distributor points, 150-plus retail outlets, including lifestyle and watches showrooms, restaurants and cafes.

Future Group, through this partnership, also plans to commence export and distribution of popular Future Consumer brands, including Tasty Treat, Desi Atta and Sangi’s Kitchen in West Asia.