Reliance Retail is an Indian retail company and a subsidiary of Reliance Industries. Founded in 2006, it is the largest retailer in India in terms of revenue. Its retail outlets offer foods, groceries, apparel, footwear, toys, home improvement products, electronic goods, and farm implements and inputs.
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 Group is an Indian conglomerate, founded by Kishore Biyani and based in Mumbai. The company is known in Indian retail and fashion sectors, operating supermarket chains Big Bazaar and Food Bazaar, lifestyle stores Brand Factory and Central, integrated foods and FMCG manufacturing sectors.
Over the past two decades he has created and leads some of India's most popular retail chains like Big Bazaar, Central, Brand Factory, Foodhall, fbb, among others. Over time, various retail chains like Nilgiris, Aadhaar, Easyday, Heritage, HyperCity and others have also become part of Future Group.
Overview. Vivek Biyani joined Future Group in June, 2007 and currently leads the group's initiatives in Digital Businesses. Prior to this he was instrumental in setting up the Home Solutions business of the group. group's vision of generating a significant proportion of the group revenues on the digital platform.
What went wrong with Big Bazaar? Big Bazaar's battle with debts gained attention starting in 2017, and by 2019, many of its outlets had been shut down. In 2020, there was a pandemic epidemic, which destroyed even Big Bazaar's sales. Future Group eventually sold Big Bazaar to Reliance Industries as a result.
Lack of Customer-Centric Approach: Successful businesses today are those that place the customer at the heart of their operations. Big Bazaar failed in this aspect, often prioritizing cost-cutting over customer satisfaction, which, in the long run, adversely affected its profitability.
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.
Kishore Biyani, the head of Future Group, also referred to as the Father of Modern Retail in India and the maverick businessman, has evolved as one of the most successful businessman of the country.
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.
Why has Big Bazaar been closed? Big Bazaar has been shut down due to the financial crunch and lack of funding the owner of the company could not run the store anymore, But now Reliance Will Rebrand 200 Big Bazaar(Smart Bazaar) Outlets & Run Operations.
Future Group founder Kishore Biyani on Wednesday said the homegrown retail major lost nearly Rs 7,000 crore revenue in first three-four months of the COVID-19 pandemic due to closing of stores, which led him to sell his business to Reliance Industries.
Companies owned or controlled by Reliance, including RBL, have invested in Rahul Mishra, Anamika Khanna, Raghavendra Rathore, Manish Malhotra, Abraham and Thakore, Abu Jani and Sandeep Khosla and Ritu Kumar.
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.
Reliance to rebrand and open majority of 200 stores in next 7 days. Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL).
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.
