Future Group is an Indian Conglomerate in its true sense. It believes in the ‘Indian dream’ and has aligned their business practices to the larger objective of being a premier catalyst in India’s consumption-led growth story in the coming decades. Working towards this end, “Future” is ushering positive socio-economic changes in communities to help the Indian dream fly high and the ‘Sone Ki Chidiya’ soar once again. This approach remains embedded in its ethos even as it rapidly expands its footprints deeper into India.
Early days, Pantaloons and Future Retail Limited
Future Retail Ltd was incorporated in the year 1987 under the name of Manz Wear Private Ltd. The company changed its name to Pantaloon Fashions (India) Limited in 1991. However, in 2012, Future Group announced a 50.1% stake sale of its fashion chain Pantaloons to Aditya Birla Group in order to reduce its debt of around US$1.1 billion. To do so, Pantaloons fashion segment was demerged from Pantaloons Retail India Ltd; the latter was then merged into another subsidiary—Future Value Retail Ltd—and rechristened Future Retail Ltd
Future Retail Ltd is the flagship company of Future Group India’s retail pioneer catering to the entire Indian consumption space. Through multiple retail formats, the company connects a diverse and passionate community of Indian buyers, sellers and businesses. The collective impact on business is staggering: Over 500 million customers walk into its stores each year and choose products and services supplied by over 30000 small medium and large entrepreneurs and manufacturers from across India. Future Retail operates multiple retail formats in both the hypermarket supermarket and home segments of the Indian consumer market including Big Bazaar, Easyday Fashion at Big Bazaar Foodhall, Home Town, Ezone.
Let’s Talk Numbers – because they are HUGE!
Every day, Future Group brings multiple products, opportunities, and services to millions of customers in India. Through more than over 24 million square feet of retail space, it serves customers in more than 350 cities across the country.
As one of India’s retail pioneers with multiple retail formats, it connects a diverse and passionate community of Indian buyers, sellers and businesses. The collective impact on the group’s business is staggering: Almost 500 million customers walk into their stores each year and choose products and services supplied by over 30,000 small, medium and large entrepreneurs and manufacturers from across India. And this number is set to grow.
The group employs around 60,000 people directly from every section of society. It sources its supplies from enterprises across the country, creating fresh employment, impacting livelihoods, empowering local communities and fostering mutual growth. As India’s leading retailer, Future Retail inspires trust through innovative offerings quality products and affordable prices.
Nearly all its businesses are managed through its various operating companies based on the target sectors. For e.g., retail supermarket/hypermarket chains Big Bazaar, FBB, Food Bazaar, Food Hall, Hometown, etc. are operated by its retail division, Future Retail Limited, while its fashion and clothing outlets Brand Factory, Central, and Planet Sports are operated via another of its subsidiaries, Future Lifestyle Fashions Limited.
With these many fashion outlets and supermarkets, the group also promotes its fashion and sports brands like Indigo Nation, Spalding, Lombard, Bare, etc., and FMCGs like Tasty Treat, Fresh & Pure, Clean Mate, Ektaa, Premium Harvest, Sach, etc. It also has operating companies to cater specifically to internal financial matters and consulting within its group of companies.
Kishore Biyani – The Man Behind the “Future”
Kishore Biyani is the man who had taken the retail industry by a storm and now has zillions of successes listed under his name and along with that, he has also seen his share of failures too. The current pin-up boy of the Indian retail industry has played multiple roles including trader, a failed film-maker, a dance festival organizer, in his career but eventually settled to become an innovative retailer.
One of the major turn arounds of Kishore Biyani’s life is the success of Big Bazaar, a hypermarket with a dose of chaos stores that were crowded, noisy and a bit messy on purpose. He opened the first Big Bazaar in Kolkata in 2001 and within 22 days, he opened two more. Since then he has gone on to open more than 100 stores countrywide and has been catering over 2 Million customers per week.
Mr. Kishore Biyani has received several awards some of which include: –
- Received the “CNBC Awaaz Consumer Awards” (2009)
- Pantaloon Retail was awarded as the “International Retailer of the Year” (2007)
- “Entrepreneur of the Year” by Ernst & Young (2006)
- “Retail Face of the Year” Images Retail Awards (2005)
- “Most Admired Retailer of the Year” (2004)
- “CEO of the Year” (2001)
Future Plan – Road to Rs. 60,000 Crore
India’s largest retailer Future Group plans to open about 10,000 small stores as part of the strategy of growing revenues from smaller format stores more than ten times, to Rs 60,000 crore, from about Rs 5,000 crore at present, its founder Kishore Biyani said, without specifying a time-frame.
Biyani has gone on record saying that his company plans to dot the country with small-format ‘Easyday’ branded stores in the range of 2,500 sq ft, and the membership-based format plans to enroll about 20 million members
The 10,000-store target is 10-times the number of smaller outlets that Future Group runs. It has 1,700 stores, which include a combination of small and large outlets. The group has an annual turnover of about Rs 30,000 crore.