India’s Future Group recently announced a 50:50 joint venture, KR Future Fashions, with Khimji Ramdas (KR) to operate Fashion at Big Bazaar (fbb) apparel stores in Oman and Gulf Coordination Council (GCC) countries. The venture will have an investment of $11.71 million each from the two sides. Fbb runs affordable clothing brand stores in India.
Both the companies will have the right to appoint three directors to the board of the new company based in Oman, Future Retail said in a filing to Bombay Stock Exchange this month.
KR will combine its market expertise across legal regulations and compliances, real-estate selection and local finance options with the Future Group’s sourcing, selecting and merchandising of suitable apparel and retail operating expertise, according to a report in a top Indian financial newspaper.