Story of Kishore Biyani, the Founder and CEO of the Future Group -
The humble beginnings of Kishore Biyani -
Kishore Biyani is a businessman and entrepreneur from India. In addition to being the CEO and creator of Future Group, he also started retail establishments including Big Bazaar and Pantaloon Retail. On August 9, 1961, Kishore Biyani was born in Nimbi Jodha, Rajasthan, to a middle-class business family. His grandpa started the company, and his family has been engaged ever since.
His family came from a middle-class background. His grandpa had previously travelled from Rajasthan to Mumbai. They used to trade dhotis and sarees.
Formal education -
Kishore graduated from the famous HR College in the city with a B.com degree after finishing college. Biyani grew raised in Mumbai's Malabar Hill neighbourhood. Kishore never engaged in academic pursuits. He struggled academically.
Biyani spent the most of the day deciphering and comprehending the outside world with friends while exploring new locations outside of campus.
Beginning of the entrepreneurial journey –
He began working with his father, but he soon discovered that his methods of labour were outdated. Kishore began producing pants when he was 22 years old. The key to Kishore's success is his commitment and labour of love.
Business was the one topic in which Biyani was really engaged. Kishore used to spend hours sitting with the store owners and watching the customers. Every day, Kishore picked up something new, and over time, they started to comprehend how the mind of a consumer functions.
Kishore Biyani started working for his family's fabric-trading company, "Bansi Silk Mills," but soon became dissatisfied. He vehemently disagreed with the way the corporation operated and thought their strategy for doing business was incorrect.
Kishore observed several of his buddies at the time were sporting "stonewashed" cloth pants. His first business success came knocking at his door when he discovered a local fabric producer that produced that kind of cloth and sold it to certain local retailers and garment makers.
In 1983, he established his own company, contracting the fabrication of stylish cloth for sale to garment makers. At the age of 22, he married Sangita Rathi. Two kids were born to the couple. The innovation, Future Ideas, and incubation cell director is his daughter Ashni. Ashni Biyani is a Parsons School of Design textile design graduate from New York. He established "Manz clothing Private Limited" as his own business. He also introduced a fabric for men's pants under his own brand, "WBB - white, brown, and blue."
The birth of "Pantaloons" -
In the past, pants were known as "Patloon" in Hindi, from which they derived their company name Pantaloon. Later, Kishore developed the Future Group to give his "Pantaloon" brand a fresh perspective. Using a franchise concept, he developed the "Pantaloon" brand into the retail industry.
Following this, Big Bazaar's foundation was established in 2001. The Future Group introduced a number of brands, including Factory, Hometown, Food Bazaar, Central, Ezone, and Fashion at Big Bazaar.
In 1992, Kishore floated 60% of his company to acquire money for marketing, shop development, and store renovations. By 1994, the Pantaloon franchise had a 9 million rupee annual revenue.
Rapid growth of Big Bazaar -
Biyani built his first department store in August 1997 in Kolkata, first renting and remodelling a 10,000 square foot space. In Kolkata city, this department store was larger than any other shop, and in only 22 days, he added two more.
His success was sustained in 2001 with the launch of a series of department stores operating under the Big Bazaar name. There were more than 100 Big Bazaar locations nationwide in 2009.
The Big Bazaar shops were purposefully created to have a slightly disorganised appearance, similar to the old bazaars his consumers were used to. While Pantaloons Retail had more than 30,000 workers and more than 12,000,000 square feet of retail space spread over 1100 locations in 75 cities, The Big Bazaar stores began servicing more than two million consumers each week.
Kishore has developed an interest in industries including insurance and the media. Through Future Agrovet, he has investments in agricultural, financial services, such as the Future Capital company, and the electronics shop eZone. The brands Food Bazaar and Big Bazaar, which cater to budget-conscious shoppers, were contrasted with Walmart.
With the Pantaloons brand, Biyani redefined fashion. He now owns assets of roughly 17,000 crores ($240 million). One of the top 100 wealthiest persons in India is Kishore. Kishore Biyani's success story began in a little sari store, and he is still a business mogul today.
Big Bazaar and Pantaloons were sold, and the group has since been reorganised and separated into -
Leading Life Insurance Company Limited in India is Future Generali Group. It is a partnership between three prestigious organisations: Industrial Investment Trust Limited (IITL), a top investment firm, Future Corporation, a top retailer in India, and Generali Group, a worldwide insurance group.
Food Bazaar, Big Bazaar, FBB, Foodhall, Home Town, Mega Mart, E Zone, FutureBazaar.com, etc. are all brands of Future Retail Ltd. (initially Pantaloons Retail India Ltd)
A joint venture between the Future Group and a US-based office supplies store is Staples Inc. Future Group has a 60% share in Staples Inc. and is present in more than fifteen Indian locations.
John Millers, Indigo Nation, Lombard, UMM Lee Cooper, Manchester United, Celio, and Tresmode are some names in fashion and lifestyle.
Planet Sports, Central, and Brand Factory are subsidiaries of Future Lifestyle Fashion Ltd.
Ektaa, Tasty Treat, Mera Swad, Fresh & Pure, Punya, Premium Harvest, Pratha, and Sach are integrated food and FMCG companies.
Future Consumer Enterprise Limited: KB's FairPrice, Big Apple, and Aadhaar.
Kishore Biyani has won several honours, such as -
CEO of the Year in 2001
2004: Most Admired Retailer of the Year
2005: Retail Face of the Year
2006: Entrepreneur of the Year
2007: Young Business Leader
2009: CNBC Awaaz Consumer Awards