Li & Fung forms JV with retail millionaire Kishore Biyani

Fung Capital will own a 26% stake.

Li & Fung holds a 26% stake in Future Group's logistics business, Future Supply Chains.

Kishore Biyani, the owner of Future Group, confirmed the partnership and said the venture will open its first wholesale cash-and-carry chain store in Bangalore in the next three months. Besides selling to retailers, the cashand-carry venture will also supply various non-food items

The JV will leverage the global sourcing expertise and supply chain of Li & Fung, a global trading group that supplies high-volume, time-sensitive consumer goods. Garments make up around two-thirds of the Li & Fung business.

The company sources more than $1 billion worth of textiles, home products, toys, shoes among others items from India.

Besides logistics and wholesale, Fung and Biyani are also partnering in a real estate development venture that seeks to build modern wholesale markets in various cities.