Kishore Biyani Acquires FabFurnish.com; Eyes Expansion in 100 cities
Future Group has announced the approved of acquisition of online home furnishings and decor business brand FabFurnish from Bluerock eServices for Rs. 4.86 per share.
In an interview with a media channel, Founder and CEO Future Group, Kishore Biyani said, "FabFurnish is a high margin and profitable business, currently operating at 40-41 percent margins. The aim is to enter into more cities via the home furnishing brand."
With an aim to expand pan India, Biyani expressed plans to operate in 100 cities eventually. He also expects earnings before interest, tax, depreciation and amortization (EBITDA) of Rs. 40-50 crore from the acquisition.
"Future Group is looking at more acquisition opportunities in the specialty retail space," Biyani added.
The company's is currently trai...