Kishore Biyani withdraws resignation from FRL's suspended board as Chairman, Director. Earlier this week, the RP of FRL filed an application before the National Company Law Tribunal (NCLT) against the former and present directors of the company for causing a loss of Rs 14,809.44 crore to creditors.
Smart Bazaar, formerly Big Bazaar, is an Indian retail chain of hypermarkets, discount department stores, and grocery stores. The retail chain was founded by Kishore Biyani under his parent organisation Future Group, which is known for having a significant prominence in Indian retail and fashion sectors.
The company took on loans and debts to fund the expansion, ultimately leading to the inability to pay off debts even after selling off assets. The COVID-19 pandemic and legal disputes with Amazon further contributed to their downfall. The future of Big Bazaar and the Future Group remains uncertain.
Purpose To be an innovative grocery store by providing friendly service, clean stores, quality merchandise, and speedy check-out lanes throughout our locations. Vision To provide excellent customer service that exceeds expectations while building long-term relationships with customers.
RISE AND FALL OF BIG BAZAAR ? | Case Study | Kishore Biyani
Why is bazaar so important?
A bazaar is one characteristic factor of cities in different historical periods, which makes a city's social and economic life a sign of progress or backwardness. Sometimes, a bazaar is the center of protest and riots against the government or political system and determines the destiny of a society.
Factors that have contributed to Big Bazaar's success:
In the world of Indian retail, success stories don't come bigger than that of Big Bazaar. What started as a small retail store in a nondescript neighborhood has grown into one of India's largest and most successful retail chains.
The Future Group founder said that they sold the company to Reliance but Amazon, because of their investment in the company, thought “they (Future Group) were not doing right”. “That went into a legal dispute and didn't allow the deal to consummate.
He is also the founder of retail businesses such as Pantaloon Retail and Big Bazaar. According to Forbes magazine, he had a net worth of US$1.78 billion in 2019.
Future Retail, the debt-ridden company once owned by Kishore Biyani-led Future Group, is now facing liquidation as its lenders could not find a suitable buyer. The Committee of Creditors rejected the only resolution plan submitted by Space Mantra, leading to the company's RP filing for liquidation.
Citing unpaid payments by Future, Reliance has taken control of operations of some 200 Big Bazaar stores and has plans to seize another 250 of Future's retail outlets. Combined, they represent the crown jewels of Future's retail network and around a third of all Future outlets.
Big Bazaar emerged in 2001 as a subsidiary of the Future Group, led by Kishore Biyani. It introduced the concept of the hypermarket to Indian consumers, offering a wide range of products under one roof at competitive prices.
Damani is often referred to as the Retail King of India. His estimated net worth is US$18.3 billion as of January 2024, according to the Bloomberg Billionaires Index, and $17 billion according to Forbes.
Retailing pioneer Kishore Biyani is the founder and group CEO of the $4.6 billion (revenue) retail giant Future Group. The group includes hypermarket chain Big Bazaar, food retailer Food Hall and convenience store chain EasyDay.
There is no dearth of uncertainty on the fate of the Kishore Biyani-promoted Future Group. Caught in a mountain of debt, its flagship, Future Retail as also Future Lifestyle Fashions, among other group companies, face an uncertain future as the next stop appears to be the insolvency courts.
Kishore Biyani, founder & CEO of Future Group, faces the decline of his business empire. Heavy debts, a series of acquisitions, and diversification into non-core ventures contributed to the downfall. Now, Reliance Retail and Naveen Jindal's Jindal (India) are vying to acquire the remnants.
Leadership Team – Future Retail. Kishore Biyani is the founder and Group CEO of Future Group. Widely credited as the pioneer of modern retail industry in India, Kishore Biyani is a mentor and role model for many Indian entrepreneurs and a thought leader in Indian business.
You can buy Future Retail Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Future Retail Ltd Share.
Conclusion Big Bazaar is the leading retail chains in the country and is growing with everyday, especially in the food product category. With more and more new entrants into the Indian retail market, Big Bazaar is finding it hard to squeeze out more discounts for customers than its competitors and yet maintain profit.
Marketing Strategy of Big Bazaar analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Big Bazaar marketing mix, help the brand succeed in the market.
