Indian private conglomerate, Future Group has united with Vardhman, a major integrated textile manufacturer in the country, to together manufacture new textile and apparel products.
“Apparel is a very important business for us and it is growing rapidly. We have signed a memorandum of understanding (MoU) with the Vardhman Group to co-develop products for our apparel business. This strategic partnership will enable us to make quality fashion more affordable,” Rakesh Biyani, Joint Managing Director, Future Retail, reportedly said.
Under the pact, Future Group will use Vardhman’s fabric to make products which will then be sold at its FBB, Central and Brand Factory stores. Both the companies will develop 6-7 new products every year.
However, no detail were disclosed on the financial aspects of the deal.
Recently, Vardhman Textiles entered into a partnership with Reliance Industries Ltd. (RIL), to manufacture ‘R|Elan’ fabric.
As a part of this agreement, RIL’s R | Elan technical team will work with Vardhman’s to develop a variety of new manufacturing processes to produce specially engineered R|Elan fabrics, read a company statement.