ALSO READIn sign of downturn, Indian retail landlords finally capitulate on price Myntra finds its niche: Taking fashion to small towns eBay seeks exporter status for retailers selling products abroad E-commerce in India begins to give physical retail a run for its money E-retail is about providing access, not speed and prices: David R Bell
Retail chain Big Bazaar is planning to churn its product mix, so as to generate at least one-third of revenue from the fashion segment. At present, the fashion segment accounts for a quarter of the revenues of the Future group-led retail stores. Notably, last year, Future Group had sold its controlling stake in Pantaloon, its fashion flagship store, to the AV Birla Group. Since then, it has been planning to realign its product mix with a focus on garments. “We are introducing a new autumn-winter collection in stores.
We are bringing local celebrity connect, which connects with the audience here. We want the fashion segment to account for one-third of our business,” said Akshay Mehrotra, chief marketing officer, Future Group.The company would focus on generating volumes in the fashion segment to stick to the budget segment of clothing, and to move away from the concept of hyper market to value departmental stores, he added. With a view to revamp the fashion segment, Big Bazaar would also open about 15-20 new standalone FBB (Fashion at Big Bazaar) stores. At present, the company already operates 29 FBB stores. Future, formerly known as Pantaloon Retail Ltd, and Future Ventures India, recently demerged their fashion businesses into a new listed unit. Under the restructuring, all fashion brands held by Future Retail and Future Ventures were transferred to Future Lifestyle, which focuses on over 24 popular fashion brands and retail formats like Central, Brand Factory, Planet Sports, I m in and aLL. Recently, Future Group launched its direct selling service called Big Bazaar Direct which would allow customers to directly place orders with appointed Big Bazaar franchisees.