Future Group joins hands with Oman based Khimji Ramdas LLC to foray into the international market
National, 16th May 2017: Future Group, a pioneer in the Indian retail sector today signed an MOU with Khimji Ramdas LLC (KR), one of the largest business conglomerates of Oman. The MOU proposes an equal partnership with Future Group and KR to open exclusive 'fbb' stores in the Middle East, starting with Oman. The newly established joint venture company will be called 'KR Future Fashions LLC'.
Khimji Ramdas Group was established over 148 years ago in Oman and has successfully created its leadership in consumer, infrastructure and logistics arenas. The group has 400+ globally and locally renowned brands, an unbeatable network of more than 3500 distributor points, 150 plus retail outlets including Lifestyle & Watches showrooms, Restaurants & Cafes, Ooredoo telecom shops, SPAR & Al Asalah Supermarkets, Oman Oil quick shops, ROP Welfare Markets, Education & Training facilities, Interiors, Appliances and Kitchens showrooms spread all across Oman, with 100,000 m2 state-of –the-art warehousing facilities.
The proposed joint venture will create a leadership proposition for the KR Future Fashions company drawing on KR's local in-market expertise across legal regulations & compliances, real-estate selection and local finance options, combined with Future Group's strong sourcing, selecting and merchandising of suitable apparel and retail operating expertise. The large base of Indian diaspora in the Middle East will be an added advantage to the newly formed company as it will benefit from Future Group's vast understanding of Indian consumer's buying behavior and preferences.
Speaking on the proposed JV, Mr. Kishore Biyani, Group CEO, Future Group says, "This strategic partnership is a step towards making fbb a global fashion brand. Within less than a decade we have successfully established fbb as India's fashion hub. 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."
Commenting on the partnership Nailesh Khimji, Director, Khimji Ramdas LLC says, "This strategic partnership will bring together the domain expertise of Future Group and the local knowledge and infrastructural strength of Khimji Ramdas." He added, "Our part of the world has a large segment of millennials, which represents an opportunity in the accessible fashion market for us to jointly pursue with "fbb". Oman will be the perfect springboard for moving into GCC and the wider region. Moreover, the two groups have synergies to draw upon even in the food and FMCG sectors. I think there is a lot we can venture to do together as partners."
The strategic partnership is a part of Future Group's broader plan of expanding the group's food and FMCG brands to the international market. Future Group through this partnership with KR Group will also plan to commence export & distribution of popular Future Consumer brands including Tasty Treat, Desi Atta & Sangi's Kitchen in the Middle East. Additionally, Future Group will also source high quality dates from Oman, which witness high demand and sales in India. 'KR Future Fashions LLC' will operate stores initially located in domestic markets of Oman and will subsequently spread to other GCC countries.