We are looking at acquisitions in north and south because these regions determine the fashion trends of the country. The flavour of fashion is in these two regions, said Kishore Biyani, CEO of the Future Group.
The company has acquired 27.50% stake in Resource World Exim, a company engaged in Indo-fusion womens fashion apparel business under the brand Desi Belle. Desi Belle has stores across Mumbai, Pune, Bangalore, Ahmadabad, Surat, Jaipur, Indore, Raipur, Gurgaon, Vadodara and Kerala besides a strong online presence.
FLF, which has been formed through the demerger of the lifestyle fashion businesses of Future Retail (formerly Pantaloon Retail) and Future Ventures, operates 4.05 million square feet of retail space across fashion formats.
The Giovani deal has almost been sealed and we are in the last leg of talks for Spykar. Though these are not very big deals, they will give us a headstart in unexplored categories like mens tailoring and suiting, said an official from the company.
Spykar Lifestyles is a leading denim maker in India, whose products are available at over 1,000 multi-brand outlets across the country, apart from the large-format stores. On the other hand, Giovani deals in traditional custom-tailoring at prices comparable to quality ready-to-wear clothes.
The acquisitions show that the group is building interesting brands and buying out Giovani especially shows it is now getting into structured clothing like men's custom tailoring. These are emerging opportunities for them, explained Arvind Singhal, CMD of advisory firm Technopak.