Love is in the air for Ferns ‘N’Petals. The world’s oldest floral services company, Chicago-based FTD, is in talks with India’s only lifestyle flower boutique chain to pick up a stake in the company.
FTD Inc is the parent company of the group, which operates online, stores and phone floral services connecting retail florists and floral delivery networks in 150 countries.
Ferns ‘N’Petals confirmed talks with FTD. “We are offering them about 25% stake,” Ferns ‘N’Petals managing director Vikaas Gutgutia told ET. The Rs 60-crore Ferns ‘N’Petals has 54 stores in 20 cities in India. Riding on the growth in the flower retail market, Mr Gutgutia plans to introduce another 46 outlets in the next six months.
He declined to comment on the valuation of the company and the size of the deal. “We are working on the valuation part. We haven’t decided anything yet,” he said. Ferns ‘N’Petals is privately held. But Mr Gutgutia said he expected the company to list by mid-2009.
As per estimates, the total flower market is worth Rs 1,000 crore and is expected to grow in the coming years. An industry that is largely unorganised, there is mammoth scope for those wanting to tap the organised retail segment.
“With the changes in lifestyle and rise in disposable income, we decided to sell flowers in designed air-conditioned outlets, a concept that no retailer explored earlier,” said Mr Gutgutia. Ferns ‘N’Petals enjoys monopoly in the organised segment and provides a one-stop solution.
Source: Economic Times