ALSO READTata Group, DNV GL launch 'Future of Spaceship Earth' report Future Group expects fashion business to grow 30% in FY18 Future Group enters JV to open 'fbb' stores in middle east Future Group hopes its fashion business to grow 30% in FY18 Tourico Holidays joins Hotelbeds Group strengthen footprint in India
Future Group on Tuesday said it has joined hands with Oman business conglomerate Khimji Ramdas LLC (KR) as part of a broader plan of expanding its food and FMCG brands to the international market.
According to the statement, the memorandum of understanding (MoU) signed 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 -- 'KR Future Fashions LLC' -- will operate stores initially in domestic markets of Oman and would subsequently spread to other Gulf Cooperation Council countries.
"The strategic partnership is part of Future Group's broader plan of expanding the group's food and FMCG brands to the international market," the statement said.
"Future Group, through this partnership with KR Group, will also plan to commence export and distribution of popular Future Consumer brands, including Tasty Treat, Desi Atta and Sangi's Kitchen in the Middle East."
The statement added that the Future Group will also source high quality dates from Oman, which witness high demand and sales in India.
"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," said Kishore Biyani, Group Chief Executive Officer, Future Group.
"We also plan to extend our partnership to our food and FMCG brands and look forward to a fruitful journey with the KR group."
Khimji Ramdas Group was established over 148 years ago in Oman and has successfully created its leadership in consumer, infrastructure and logistics arenas, the statement added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)