Retail major Future Group is expecting its online sales to be around Rs.1,000 crore this fiscal year. 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.” – Kishore Biyani, Founder & CEO, Future Group
Presently, Future Group operates brands in fashion vertical like FBB and Future Lifestyle in online business.
Biyani has lauded the recent changes in norms for e-commerce companies, and had 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,” he had asserted.
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.