Future Lifestyle Fashions completes its 80% acquisition in fashion brand Giovani
Future Lifestyle Fashion, the listed entity of Future Group, has completed acquisition of controlling 80% stake in Giovani fashion brand after sealing the deal in June for its owners Dhir International, a north India based garment manufacturer and exporter that will continue as minority partner with the remaining 20% stake.
"This is a strategic move as talks were on for almost a year but the legal formalities have completed recently," says Rachna Aggarwal, CEO, Indus League a subsidiary of Future Lifestyle Fashion. Aggarwal said the company already has strong presence in south India and Giovani's acquisition will help FLF to ramp up its footprint in north market.
Aggarwal said the brand has core focus on designs specially suits and jackets and is popular for Italian cuts, fabrics having entrenched loyal customers in this segment.
Aggarwal said the brand would also sell through omni-channel in a bid to provide better customer experience for in-store and online. Future Group's strategic partnership with Amazon.in which will play a crucial role to deliver products to last mile customers, she said.
The company aims to make Giovani a Rs 100 crore brand in the next 2-3 years. It has opened 10 flagship stores in total; with recent opening in Infinity mall, Mumbai; Elante mall, Chandigarh; and Pacific mall, Dehradun.