Indian retail company Future Group is set to expand its fashion retail chain, Brand Factory, with the launch of a new online store in February next year.
According to the company’s CEO Kishore Biyani, this move marks the company’s biggest expansion into Indian online retail space, reported The Hindu.
Biyani was quoted by the news publication as saying: “We have invested in our online business… we are trying to understand the space again. In February, we are launching brandfactory.in. I think that this will be our biggest launch in the e-commerce business.”
The company introduced futurebaazar.com at a time when Flipkart was also launched, but this initiative failed.
“Maybe we started a bit early but folded up early also. We lost money in that business,” added Biyani.
The Indian retail chain recently closed its online furniture store business, Fab Furnish. It is now offering its Hometown products on other sites following the closure of Fab Furnish brand.
“This year, we will do Rs1bn ($14.31m) business selling on other people’s site [hometown]… so we learnt something out of it. To run a business on our own, it was turning out to be expensive and [we were] losing money,” added Biyani.
In contrast to its other online brands, the company’s plus-size apparel brand, ALL, is performing well in the Indian online space and currently contributes around 10% to the company’s large size clothing business revenues.
In May this year, the retail firm announced plans to expand its store network with the opening of 10,000 small stores across the country.