Future Group's Kishore Biyani to focus on private labels
India's consumer and retails giant Future Group's head, Kishore Biyani, is all set to launch newer private labels to help boost the company's revenue over the coming years. Biyani announced plans to launch a new product or brand every two weeks, as the company is eyeing sales of around 70% from their own products and labels. Currently, there are 21 brands under the company.
Kishore Biyani is one of India's leading businessmen and owner of consumer products behemoth Future Group. Valued at nearly $1.3 billion, Kishore Biyani is based out of Mumbai, Maharashtra. Known as the mall king of India, with retail outlets and brands such as Big Bazaar and Pantaloons under his belt, his organization has charted massive growth to cater to over 90 cities.
One of Biyani's biggest ventures was Future Consumer Enterprises Limited (FCEL), that was established in early 1996 under the name Subhikshith Finance & Investments Limited. Starting out as a non-banking finance corporation, the company later ventured into retail and by 2007, was incorporated into the popular Pantaloon brand. The company later took over retail and supermarket chains such as Nilgiri's as part of expansion.
Beset with sluggish sales and massive debt, Future Group is looking at increasing the company's revenue over ten times to touch Rs.20,000 crore in another five years.
The announcement was made at a press conference where the company's new oats brand, Kosh, was unveiled. Biyani said that nearly Rs.50-60 crore would be channeled into promoting the Kosh brand. Apart from its new oats brand, the company is also chalking plans to launch its own popcorn, chocolates and confectionery brands, with around a year pitched for development of the products.
Kishore Biyani announced that these new brands would be retailed across other retailers such as Trent Hypermarket, Star Bazaar, Tesco PLC, other general stores, apart from Future Group's retail chains.