Kishore Biyani: The Visionary Behind India’s Retail Revolution

Have you ever shopped at Big Bazaar, Pantaloons, or Central? Then you have heard the name of ‘India's Retail King’, Mr. Kishore Biyani. He is basically the man who thought of it all and set up India to become one of the biggest retail powerhouses in the world. 

The brainchild of the future group's establishment, Biyani came up with the idea that you could purchase things in bulk. With an estimated net worth of over $1.78 billion, Kishore Biyani is known as one of the most influential people, especially where retail is concerned in our country. So let's look into what his life was like and what we are up against today.

Kishore Biyani - Biography

Kishore Biyani - Early Life
Kishore Biyani - Family
Kishore Biyani - Career Highlights
Kishore Biyani - Challenges
Kishore Biyani - Other Ventures
Kishore Biyani - Awards and Recognition
Kishore Biyani - Facts
Kishore Biyani - Quotes!

Kishore Biyani: Early Life

Born in August 1961 in Rajasthan, India. From a young age, he knew that business was to be an important part of his life. He decided to study commerce at HR College in Mumbai, but he prioritized gaining hands-on experience in business instead of a formal college education.

He initially started his career by selling Stonewash fabric. This led to the birth of his first major business venture, which is now known as Pantaloons, the original men's trousers brand that exploded in popularity.

Kishore Biyani - Family

Kishore Biyani always puts his family first and is currently married to Sangita Rathi, who he married at the age of 22. From the marriage, they have two daughters, Ashny and Avni both of whom have different interests, just like their father.

Kishore Biyani teaches his children to be flexible and experimental, especially with different aspects of life. And these are some traits that have helped drive his business success.

Kishore Biyani - Career Highlights

The brand Pantaloons, which is now known for its stylish and low cost clothing line in the country was started as a small trouser manufacturing company with humble beginnings. Who was the backbone who started it all? Yes, it was Kishore Biyani's idea.

In 2001, he made a grand opening of the first Big Bazaar store in Kolkata. He brought the concept of all Indian street market shopping into modern urban supermarkets. Considering the cost and the variety of this everyday bazaar, people were immediately taken to it. 

By 2009, Big Bazaar had over 100 stores that had dedicated themselves to the shopping requirements of millions of Indians. Kishore Biyani's focus now was making his store authentically Indian rather than copying the Western version. After having major success with businesses such as Big Bazaar and Pantaloons, Kishore Biyani went on to head the Future Group and registered his properties all under one roof.

From the get-go, Future Group was instrumental in the whole range of sectors, from food to fashion, even to home goods as well. The company also entered the arena of financial services, logistics, and even the media. Some top brands included under Future Group were Central, Ezone, and Food Bazaar were done with the intention to reach its customers faster. Future Group even entered the online space with futurebazaar.com.

Future Group Success Story - Founder, Business Model, Controversies and More

Future Group is an Indian conglomerate known for firms like Big Bazaar, Brand Factory and Pantaloons. Know more about the company here.

StartupTalkySarika Anand

Kishore Biyani - Challenges

Biyani started facing threats posed by major conglomerates like Aditya Birla Group and Reliance Industries, both wanting to move into the retail sector.

The 2008 economic downturn affected Biyani's business and methods of working. There were postponements in planned expansion and downsizing in areas like recruitment. But unlike other chains like Shoppers Stop which use small amounts of short-term borrowing and financial growth through cash generated internally, he borrowed heavily, especially for expansion, and also diversified into multiple retail areas, including salons and bookselling. 

Soon, Pantaloons Retail had a debt-to-equity ratio of 3:1 and the collapse of the Lehman Brothers in September 2008 blew a hole in Future Group's portfolio. Sales started plunging, bankers who were queuing up at his office to give him loans started calling in their loans, and mutual funds he had invested in buckled under redemption pressures and wanted to get out. Even his foreign capital sources had dried up, and his market capitalization had plunged two-thirds in a matter of only six months. 

So Biyani reacted to this crisis with measures such as a reduction in the number of mid-level management staff and a total restructuring of his corporate interests. He appointed his cousin Rakesh Biyani, a more methodical and patient person than himself to take over the responsibility for the retail sector and to resolve issues with the poor supply chain and internal distribution logistics that they needed for rapid expansion. 

He also rolled over his debt, converted it into loans that would mature in three to five years, and pulled out of joint venture deals with companies. In addition, he also reduced scope and concentrated on only four retail formats, fashion, food, general merchandise, and home, rather than 22 or more, which he had previously been involved in.

But in spite of all of this, Biyani had to turn to McKinsey and Company for assistance and also divest control to senior management who had been recruited from larger businesses such as Pepsico. Things slowly started to improve after the initial shockwave of 2008.

Sadly, by April 2012 Biyani's business empire, including the non-retail elements, was not performing well and competitors were taking over their market share. He announced that they had plans for a further restructuring of the overall business to make sure it became debt-free by March of 2013. Again a controlling stake in Pantaloons's retail was acquired by Aditya Builder Nuovo Limited in 2012 in a complex deal that involved the demerger of the business from the wider branch, and so subsequent dilutions of his involvement in the business continued. In 2016 Pantaloons was renamed as Aditya Birla Fashion and Retail Limited.

2024 April saw Biyani selling his oldest SOBO Central Mall in Mumbai to K. Raheja Corp for the price of INR 476 crore.

Kishore Biyani - Other Ventures

Future Group attracted a lot of talented senior employees, especially from companies like Reliance Industries and ICICI Bank. Under their influence, Biyani then started taking an interest in business sectors such as insurance and media.

He also had stakes in financial services such as Future Capital Business and even in the agricultural sector through Future Argovet as well as eZone electronics retailers. His concepts of cost-conscious consumer markets such as Big Bazaar and Future Bazaar were compared to the Walmarts and COSTCOs at the time.

Biyani even tried his hand at funding Bollywood movies and two box office failures in 2002 and 2003, Na Tum Jano Na Hum and Churaliya Hai Tumhe. He even co-authored a book with Dipayan Baishya, It Happened in India: The Story of Pantaloons, Big Bazaar, Central and The Great Indian Consumer, and was counted among the best-selling books in 2007. So far, the book has sold over 100,000 copies all across India.

Kishore Biyani - Awards and Recognition

He has been a leader in the retail industry in India as the founder and former CEO of the Future Group. He has been so well acclaimed as a contributor to the business and retail sectors that he has received numerous awards over the years. Here are some of his awards and recognition that follows:

• Ernst & Young Entrepreneur of the Year Award, 2006 - For being one of the most effective contributors to the Indian retailing sector.
• CNBC Awaaz Consumer Awards - Especially applauded for deciding to take on the challenge of heading Future Group, considered one of the most authentic retail brands in India.
• Retail Leadership Award – Celebrated for pioneering the organization of the Indian retail sector.
• India Business Leader Award given by CNBC-TV18 has been given for his outstanding acumen for business and leadership.
• He has won the Most Admired Retailer of the Year, multiple times through retail innovation and a customer-centric approach for Future Group.
• Golden Peacock Global Award for Corporate Social Responsibility – Demonstrated his commitment to inculcating sustainability and CSR in the operations of the group.

Kishore Biyani - Facts

• He is the founder and CEO of the retail giant, The Future Group, with a revenue of over $4.6 billion.
• It includes big brands such as Big Bazaar, food retailer Food Bazaar, and even convenience store chain Easy Day.
• Biyani started out his career in 1987 with a trouser brand he named Pantaloons, but with an expansion, he had forced himself into debt and had to sell everything to pay back the bank loans.
• The shares of Biani's Future Retail surged after it was reinlisted in 2016.
• In 2019, Future Retail signed a master franchise agreement to operate 7-11 stores in and across India.

Kishore Biyani - Quotes!

• “We live in an imperfect world, and it is meaningless to strive for perfection. It is far better to strive for excellence.”
• “A manager always fears making a mistake and that is where he differs from an entrepreneur.” 
• “I believe that we all come to this world to kill time. Therefore, we pick up some activity that we like doing and call it our profession. I call this the time pass theory.”
• “We live in an imperfect world, and it is meaningless to strive for perfection. It is far better to strive for excellence.”

FAQs

Who is the CEO of Future Group?

Kishore Biyani is the CEO of Future Group.

What is Kishore Biyani net worth?

As of 2019, the net worth of Kishore Biyani is $1.78 billion.

What are the brands under future group?

Some of the brands under future group in the food category are Tasty Treat, Golden Harvest, Karmiq, Kara, Sunkist, ThinkSkin, Mother Earth, Kosh, Nilgiris. In fashion Brands are Lee Cooper, John Miller, CoverStory, Indigo Nation, Scullers, Knighthood, DJ&C, Bare, UMM, and flagship retail brand Big Bazaar is ranked among the most valuable Indian brands.