Who is Kishore Biyani?
Founder and CEO of ‘ Future Group’
Father of modern retail is the founder of many popular retail chains such as ‘Pantaloons’ and ‘Big Bazaar’.
According to Forbes Magazine 2019, he had a net worth of US$1.78 billion. He graduated in science and arts from Bombay University, and his family history is of textile merchants.
Biyani has also tried in Bollywood, underwriting the movies ‘Na Tum Jaano Na Hum’ and ‘Chura Liya Hai Tumne’ released in 2002 and 2003.
The Beginning – Kishore Biyani
He started by working in his family trading business, Bansi silk mills, but left because he did not like his family’s approach. In November 1983, he married Sangita Rathi and decided to open his own venture that aimed to commission the manufacture of fashionable fabric to some garment manufacturers.
The business progressed in 1987 with him selling his own clothing fabric and then manufacturing trousers using the same. The company, which started by supplying a few retail outlets, later adopted Pantaloons’ name, which soon expanded.
He thought of this name, pants are usually called ‘patloon’, and to make his store memorable, he adopted the name Pantaloon.
Later in 2001, he continued by opening a series of stores called Big Bazaar. The idea behind the name was to make it look like the traditional bazaars, so it feels familiar to the customers.
Funding and Investment
In 1992, Biyani moved about 60% of his business to raise funds for expanding the business and marketing on the Indian stock market. Biyani then thought of converting Pantaloon to a direct retailer from a franchise operation.
For this purpose, he rented and converted a 10,000 sq feet property in Kolkata. The outlet opened in august 1997, which was twice the size of any other store in the city.
In 2009, there were about 100 big bazaar stores across the country. It served over 2 million customers each week; on the other hand, Pantaloon had employed over 30,000 people across stores in about 71 cities.
Future retail operates as a retailer and flagship company of Future Group. It inspires trust through quality products, innovative offerings, and affordable prices that help customers achieve a better quality of life every day.
Its flagship chain, Big Bazaar, is often ranked among the most trusted retail brands in the country.
Future retail has raised a total of $500M in funding over 1 round. This was a Debt Financing round raised on Jan 16, 2020. Future retail has acquired Heritage Foods – retail business on Nov 7, 2016.
Achievements and Awards
Kishore Biyani has achieved a lot of recognition over time in his years.
Achievements Year
● CEO of the Year 2001
● Most Admired Retailer of the Year 2004
● Retail Face of the Year 2005
● Entrepreneur of the Year 2006
● Young Business Leader 2006
● International Retailer of the Year 2007
● CNBC Awaaz Consumer Awards 2009
The franchises started by Kishore Biyani are one of the most known as far as we know. We’ve all got a chance to shop from these for the longest time, and even now, it still continues to expand.
This shows how an idea can turn into large-scale production, and you don’t always have to follow what your family doing.
Read More: Radhakishan Damani: Journey of 4th Richest Man of India
