The festive season is in full flow and Rakesh Biyani, Joint Managing Director, Future Retail spoke to CNBC-TV18 about the festive sentiment on the ground, the recent Hypercity acquisition and the outlook going forward.
Biyani said the festive season is expected to show similar growth rate as the last few quarters. It is tricky to gauge the sentiment this Diwali because it has come a bit early. However, they were happy with the business during earlier festivals that is Dussehra and Onam, said Biyani.
He said as the actual Diwal day comes closer, the last minute footfalls are important in terms of doing business.
He said they are very excited about the Hyercity acquisition. “We are looking forward to work along with the Hypercity team and build a more viable and successful model.” At present they are not looking for any new acquistion, confirmed Biyani.
Currently their focus is on existing businesses and on driving strong like-to-like growth, he said.
Talking about the Lifestyle business, he said because of the Goods and Services tax (GST), the sales were preponed and so early part of Q2 was impacted but again during Dussehra and Onam the footfalls were strong. He said the expansion strategy in Brand Factory has worked well and they would continue to drive for higher Same Store Growth in
He said the expansion strategy in Brand Factory has worked well and they would continue to drive for higher Same Store Growth in Lifestyle business.
They plan to open 10 Centrals and about 16 odd Brand Factories by the end of FY18, said Biyani.
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