A

Report on

The biographical analysis of

KISHORE BIYANI

INDEX

Sr. No. Particulars Page no.

1. History 4

2. Why did you choose that personality? 5

3. Dream of the Leader 6

4. SWOT Analysis 7

5. Stage of Business 8-10

6. Vision Articulation 11-29

7. Strategies 30-34

8. Leadership Style 34-36

9. Awards and Recognition 37

10. Bibliography 38

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HISTORY

Kishore Biyani is the person whose talent is transforming India Retail and IndianEconomy with his vision and power to grow. He is the person, who stood up and isgoing well to break the parameters of Indian Retail. He is known by several names:the king of retail the unstoppable Indian the man who saw the future.

Kishore Biyani belongs to a trading family from Rajasthan settled in Mumbai formore than 60 years now. He was never interested in studies but did complete hiscommerce graduation and always had ambition of making it big in business. Hedidn’t join the family trading business but rather than tried out different things onhis own, like readymade garments, textile production, creating brands before heventured in retail business of selling garments. he is true visionary when he startedselling readymade garments when nobody preferred ready-to-wear shirts ortrousers.

Kishore Biyani is an Indian businessman. He is chief executive officer (CEO)of Future Group, and Managing Director of Pantaloon Retail. Biyani's FutureGroup has over 17 million square feet of retail space in 90 cities and 60 rurallocations. He managed to raise $170 million by taking venture capital arm FutureVentures public in March 2011. Biyani is married to Sangita Biyani and they have2 children and are based in Mumbai. His older daughter Ashni is a director ofFuture Ideas, group's innovation and incubation cell.

Kishore is the co-author of the book "It happened in India". It is the story ofPantaloons, Big Bazaar, Central, and the Great Indian Consumer, co-authored withDipayan Baishya. The book has sold some 100,000 copies, more than any otherbusiness book published in India so far.

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1. WHY DID YOU CHOOSE THAT PERSONALITY?

Kishore Biyani isn’t quite the poster boy of India’s organized retail industry. Helives its periphery ever willing to take extraordinary bets. His peers dismiss him ascompulsive risk taker. He was first who dared to try out the hypermarket model.During his initial struggle period, the press fed up with his recalcitrance to meet ortalk, largely ignores him. He is seldom invited for retail seminars. But Biyanididn’t care. He was quite content being outsider who at the end built up his Rs220crore business in nascent Indian retail sector.

Born in a middle class trading family Kishore Biyani started his career sellingstonewash fabric to small shops in Mumbai. Years later, with the launch ofPantaloons, Big Bazaar, Food Bazaar, Central and many more retail formats, heredefined the retailing business in INDIA. India's retail czar, Kishore Biyani,replaced conventional wisdom with "guts and instincts" to create Future Group, a$1 billion company that includes Pantaloon Retail, a department store group; BigBazaar, the company's name for hypermarkets; Food Bazaar supermarkets, andCentral Mall, a more upscale aggregation of merchandise. Known for his insightsinto Indian consumer behavior, Biyani also represents an enigma to the country'semerging retail players, both domestic and foreign.

He trusted his own ability so strongly from day one that he never needed to be onthe side of established hero. Like while playing game of cricket, he was everwilling to take up the opponent’s challenge in spite of a weak team. Out of his ownconfidence he encouraged his team members to give it their best, even if they weredestined to lose the match. And he did everything to win the match. While incollege he organized Disco Dandiya in his own locality first of its kind in southMumbai. It was first popular trend that he picked on early and was able tocapitalize on it.

So as one grows and starts to learn and understand life, he starts to question aswell. At a very early stage, one starts creating mental models to interpret variousobservations. At that point if one finds that what he has learnt on his own isdifferent from what is being practiced in reality. He tries to distinguish the rightfrom the wrong. He soon starts to seek answer to everything and then lifetransforms. So attitude of questioning is very important. Until one questions theestablish way of doing things, one won’t be able to come up with something new.

Thus he left his family business and started his own journey- entrepreneurialjourney…..

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He kept looking for beachheads to realize his dreams. He tried multiple things thatcould be ideal for ‘new’ India that was emerging.

DREAM OF THE LEADER

His dream was to make a place on a simple idea: Rewrite rules, retain values. Hisfundamental belief created a new kind of marketplace, forever transforming Indianretail. Today his core values continue to guide how he does business and improvethe quality of life of the people they serve.At his Future Group they are committed to being a catalyst of positive change inthe communities, societies, and business sectors in which they operate. Theyenvision India’s transformation into the legendary 'Sone Ki Chidiya' (golden bird),taking wings once again to reach greater heights. He takes pride in being Indian. Their belief in inclusiveness for long-termsustainable growth and economic prosperity evokes trust among consumers,employees, suppliers, partners, shareholders and the community.He even mentioned in his interview with FORBES INDIA...” I believe that whatdifferentiates us from animals is imagination and fear. One of my own observationson life is that 7 out of 10 thoughts an average person has is negative. So the bigquestion becomes – How do we use reduce our fears and increase ourimagination? I dream of being able to reduce the fear quotient and convert negativethoughts through imagination.

We are a nation that doesn’t believe in ourselves as much as we should. Even withour rich history and knowledge, we have yet to produce strong thought leaders outof India. If we are to prosper and grow, we need to plan future scenarios that notonly look at economic indices but also take into account the measures ofhappiness, culture, and values. This is a long-term approach to planning the futureof India.”

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SWOT ANALYSIS

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u n d e r s t a n d i n g c o n s u m e r p r e f e r e n c e s .S T R E N G T H SR e a l e s t a t e a n d I n f r a s t r u c t u r e

H i g h b r a n d e q u i t y .E v e r y d a y l o w p r i c e ( E D L P ) .

S T R E N G T H SE v e r y d a y l o w p r i c e ( E D L P ) .R e a l e s t a t e a n d I n f r a s t r u c t u r e

u n d e r s t a n d i n g c o n s u m e r p r e f e r e n c e s .H i g h b r a n d e q u i t y .

W E A K N E S S E SU n a b l e t o m e e t s t o r e o p e n i n g t a r g e t .P e r c e p ti o n a m o n g s t c o n s u m e r s

F a l l i n g r e v e n u e / s q ft .

P e r c e p ti o n a m o n g s t c o n s u m e r sU n a b l e t o m e e t s t o r e o p e n i n g t a r g e t .W E A K N E S S E S

F a l l i n g r e v e n u e / s q ft .

I n s t o r e e x p e r i e n c e i m p r o v e m e n t s .

O P P U R T U N I T I E ST a r g e ti n g A r e a m o r e p r o n e t o D e v e l o p m e n t .N e w f o r m a t s a n d c o n s u m p ti o n s p a c e .

T a r g e ti n g A r e a m o r e p r o n e t o D e v e l o p m e n t .

O P P U R T U N I T I E SN e w f o r m a t s a n d c o n s u m p ti o n s p a c e .I n s t o r e e x p e r i e n c e i m p r o v e m e n t s .

E c o n o m i c C o n d i ti o n s .C o m p e ti t o r s d o m e s ti c a n d f o r e i g n .T H R E A T S

T H R E A T SC o m p e ti t o r s d o m e s ti c a n d f o r e i g n .E c o n o m i c C o n d i ti o n s .

S W O T

STAGE OF BUSINESS (CURRENT STAGE)

Every day, Future Group brings multiple products, opportunities, and services tomillions of customers in India. Through over 17 million square feet of retail space,we serve customers in 93 cities and 60 rural locations across the country. Most ofall, we help India shop, save and realize dreams and aspirations to live a betterquality of life every day.Future Group understands the soul of Indian consumers. As one of India’s retailpioneers with multiple retail formats, we connect a diverse and passionatecommunity of Indian buyers, sellers, and businesses. The collective impact onbusiness is staggering: Around 300 million customers walk into our stores eachyear and choose products and services supplied by over 30,000 small, medium andlarge entrepreneurs and manufacturers from across India. And this number is set togrow.Future Group employs 35,000 people directly from every section of our society.We source our supplies from enterprises across the country, creating freshemployment, impacting livelihoods, empowering local communities, and fosteringmutual growth.We believe in the ‘Indian dream’ and have aligned our business practices to ourlarger objective of being a premier catalyst in India’s consumption-led growthstory. Working towards this end, we are ushering positive socio-economic changesin communities to help the Indian dream fly high and the ‘Sone Ki Chidiya’ soarsonce again. This approach remains embedded in our ethos even as we rapidlyexpand our footprints deeper into India.

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BUSINESSES:

SERVICES:

While retail forms the core business activity of Future Group, group subsidiariesare present in leisure and entertainment, brand development, retail real estatedevelopment, retail media and logistics. Some of our other businesses include,mobile telephony brand, T24, operated in association with Tata Teleservices, asupply chain and logistics Infrastructure Company, and a company engaged inproviding educational and training services through three Future Universitycampuses in Ahmedabad, Bangalore and Kolkata.

FINANCE:

In the financial space, our group companies offer consumer finance and insuranceto customers, as well as corporate loans and equity investments to companiesengaged in consumer businesses.

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KEY GROUP COMPANIES:

Future Group comprises operating businesses in three sectors: Retail, AlliedServices, and Finance. Leveraging a strong understanding and knowledge of Indianconsumer preferences, habits and aspirations, we have built some of the mostrespected retail brands in the country. Our retail business across the value andlifestyle segments focuses on 4 key consumption verticals: food, fashion, generalmerchandise, and home.

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R E T A I LF I N A N C ES E R V I C E S

VISION ARTICULATION

BUILT FROM SCRATCH:

Kishore Biyani isn’t quite the poster boy of India’s organized retail industry. Helives its periphery ever willing to take extraordinary bets. His peers dismiss him ascompulsive risk taker. He was first who dared to try out the hypermarket model.During his initial struggle period, the press fed up with his recalcitrance to meet ortalk, largely ignores him. He is seldom invited for retail seminars. But Biyanididn’t care. He was quite content being outsider who at the end built up his Rs220crore business in nascent Indian retail sector.

Born in a middle class trading family Kishore Biyani started his career sellingstonewash fabric to small shops in Mumbai. Years later, with the launch ofPantaloons, Big Bazaar, Food Bazaar, Central and many more retail formats, heredefined the retailing business in INDIA.

During his childhood, he used to act and behave differently much to the annoyanceof some family elders. His room was filled with posters of cars and cricket stars.What really troubled others was his inclination to question every social or religiouspractice followed by the family. He needed logical and sound explanation behindany religious activity. He was obsessed with rationality.

He trusted his own ability so strongly from day one that he never needed to be onthe side of established hero. Like while playing game of cricket, he was everwilling to take up the opponent’s challenge in spite of a weak team. Out of his ownconfidence he encouraged his team members to give it their best, even if they weredestined to lose the match. And he did everything to win the match. While incollege he organized Disco Dandiya in his own locality first of its kind in SouthMumbai. It was first popular trend that he picked on early and was able tocapitalize on it.

As per him, there are 3 kinds of entrepreneur- creators, preservers, and destroyers.He knew that his father and uncles much like most others entrepreneurs in Indiawere preservers. While he was both creator and destroyer. He never believed inpreserving the status quo. A continuous process of change and of growth has to bethere in every business.

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So as one grows and starts to learn and understand life, he starts to question aswell. At a very early stage, one starts creating mental models to interpret variousobservations. At that point if one finds that what he has learnt on his own isdifferent from what is being practiced in reality. He tries to distinguish the rightfrom the wrong. He soon starts to seek answer to everything and then lifetransforms. So attitude of questioning is very important. Until one questions theestablish way of doing things, one won’t be able to come up with something new.

Thus he left his family business and started his own journey- entrepreneurialjourney…..

DEFYING THE ODDS:

He kept looking for beachheads to realize his dreams. He tried multiple things thatcould be ideal for ‘new’ India that was emerging. Some of these were moderatelysuccessful but most of them had to be closed down after few years.

WHITE BLUE BROWN: He got involved in launching a brand of fabric for men’strousers named it WBB. It was abbreviation of three most popular colors fortrousers those days- White Blue & Brown. He used to sell these to garmentsmanufactures and shop owners around the city. He used to regularly set up his stallat various textile exhibitions and fairs so as to what industry were up to. He alsospent a few lacs rupees on advertising and hired an advertising agency. During itspeak he sold almost thirty to forty thousand meters of branded fabric every month.Thus power of branding was evident with success of WBB..

ON TONGA TO TARAPUR: With short success of WBB, he went ahead andstarted selling readymade men’s trousers. He got some 30-40 trousers stitched andshowed it to some shop owner but none of them were interested in doing businesswith small company. So by the end of 1985 with the help of some friends heopened 400sq. feet shop at CP tank in Bombay. It sold men’s trousers and called it‘Patloon’. That was his first retail experience.

He established a small fancy yarn plant at Tarapur with Sushil Sain and named itDhruv Synthetics. He used machines with microprocessors that gave fabric aneffect of fancy yarn. During first year of operation, his company sold goods worthof crore of rupees. People were becoming more fashion conscious and they used tosecure large orders from fashion designers and some exporters. But later on due tolabor dispute the company had to be shut down.

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MANZ WEAR: Manz wear private limited was incorporated on 12th October1987. He started as garment manufacture, launched a couple of brands, got intofranchising, and direct marketing and ten years later plunged into modern retail.During this time, the company’s name changed from manz wear to pantaloonfashion and subsequently to Pantaloon fashion retail, reflecting the changing natureof business. Within a year of its operation, the company touched a turnover of Rs32 lakh. But it also registered loss of Rs 8 lakh. The main reason for that of coursewas the Rs 16 lakh spent on advertising and brand building alone. The wholeindustry was going through metamorphosis and he understood importance of brandbuilding.

The company was planning to increase their horizon but the biggest stumblingturned to be distribution channel and capital needed to set up a decent distributionnetwork. So to work on plan he along with a friend opened a franchise store inGoa. It was called a Pantaloon Shoppe. The next set of Pantaloon Shoppe came inCochin and Ernakulum in Kerela, Colaba, and Andheri in Mumbai, onAhmadabad’s C.G. Road and at Chennai’s T. Nagar. They launched their own jeansbrand, Bare Necessities.

Next came idea to make Pantaloon Shoppe a one stop destination for all apparel formen-shirts, trousers, sports and denim wear, socks, ties and handkerchiefs. A brandof short was introduced under the name of knighthood. With this, the PantaloonShoppe got positioned as complete mens wear destination in 22 cities (1991).

THE NEW NEW THING:

Pantaloon is one of the leading retailer stores in the lifestyle segment of theconsumer market in India. Pantaloon stands out as a fashion trendsetter, on thelines of how fashion is followed internationally. The ‘look’ and ‘what’s in’ todayfor the season is sacrosanct. It offers trendy and hip fashion that defines the hopesand aspirations of today's youth. Pantaloons stores have a wide variety ofcategories like casual wear, ethnic wear, formal wear, party wear, and sportswearfor Men, Women, and Kids.

Pantaloon’s success and continuous growth in the Indian organized Retail marketcan be attributed to a number of factors, some of which have been derived from thestrategies of large retailers in the west, while others are completely tailor-made forthe Indian market. What is evident at the outset is that Biyani has foreseen andunderstood the Indian retail roadmap better than anyone else.

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Pantaloon’s major advantage over its competitors in the retail sector has been itsunique understanding of the Indian organized retail market with all its quirks,shortcomings, and challenges. By creating a retail business from the ground-up andexpanding rapidly, Pantaloon has followed a Wal-Mart-like pattern of growth.

Visual merchandising is an art by which a retailer makes the store talk tocustomers. The colors, signage, lights, looks, and feel everything is taken intoaccount. It is very important to figure out what is the story, the idea that they areselling to their customers.

Category management as opposed to brand merchandising practice: categorymanagement is based on belief that a customer walks into a store looking for partyshirt or formal trouser, rather than a particular brand. Therefore store are designedaccording to categories like men’s formal wear, women’s western wear or casualwear etc. within the organization too, teams were divided according to thecategories that they managed, rather than the brands. The objective was to createtraffic drivers within the store rather than make brands compete with each other.

Pantaloons targets an upwardly mobile, young aspirational customer goes with thetagline, ‘Fast Fashion’. The middle aged mother walks into our stores expectingvalue for money and her daughter comes in because she finds it fashionable. Theidea has always been to ride on two winning retail propositions- being in fashionand effective pricing

He was the only one in the industry who was betting on the future, rather than thepresent. He was focused on scaling up the business, rather than concentrating ondriving efficiency and profit margins. To me, that seemed to be the right way toapproach this business at that stage.

Retail is a very local business and it is difficult for a foreign player to cater to thecustomer base of different country retail requires a deep understanding of localtaste and preferences. What is evident from this period is that foreign retailers,even with deep pockets and years of experience couldn’t make much headway inIndia. As an indigenous retailer they had a strong advantage over foreign retailerswithin India. Within two years of launching, they had established a fairly panIndian presence with pantaloons. By the end of 1999, there were thirteenPantaloons outlets including four in Hyderabad, two in Chennai and one each inKolkata, Vijayawada, Nagpur, Bhubaneswar, Thane and Pune.

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Further retailing was not happening sector in 1999 or was there any historical dataor demand estimate of potential opportunity. Kishore was aggressive in a field thatwas supposed to see a lot of growth in India. The stock market was concernedabout the high debt-equity ratio. But he found that it wasn’t the debt that was high,it was equity base which was low. So they helped them raised through privateplacements.

FOR GOD COUNTRY AND BIG BAZAAR

BIG BAZAAR LAUNCH

‘Is se sasta aur accha kahin nahi’ nothing captures the spirit of big bazaar betterthan this one liner. It is simple statement and yet it positioned Big Bazaar at the topof the Indian customer’s mind. It showed that big bazaar is built on foundation ofentrepreneurship and simplicity.

BIG BAZZAR is a chain department stores or hypermarkets, offering all types ofconsumer goods including general merchandise, home furnishing, crockery,cutlery, utensils, sports goods, and others at a reasonable price. The stores work onthe economy model, offering the best “value for money” propositions for Indianconsumers. About 91 big bazaar stores were in operation as of July 2010.

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The initial big bazaar model was entirely dependent on consolidators.Consolidators were people who knew the details of a particular category very welland had an industrial background. These people were dedicated traders who haveno educational qualification or work experience with a blue chip company, butunderstood the market far better than the so-called professionals. They appointedeight consolidators to take care of sourcing for categories like plastics, utensils,luggage, furnishings and furniture, general merchandise, etc. who were given abroad matrix of the products , the targeted cost price and the margins . Based on itthey procured the product, warehoused it and transported it to big bazaar outletsand made the commissions on supplies. The entire back-end was being taken careof by traders who were willing to work till midnight or deliver goods to our storeon Sunday morning in their own vehicles, just to ensure customer demand has beenmet promptly. This allowed them to focus on front-end and concentrated theirenergies on serving customer in best possible manner.

In order to properly manage food bazaar within big bazaar a planned step wastaken. Staples, vegetables, and fruits are important categories but also were verydifficult to manage. They tied with largest wholesalers at varshi APMC(Agriculture Produce for Marketing Committee) for vegetables and one of thelargest wholesalers from Crawford for fruits. They were given to manage the entireback-end as well as keep their own people to manage the category within stores. Itsimplified the business. As a result FOOD BAZAAR AND BIG BAZAR expandedand developed without them getting involved in intricacies of each category andcompany focused on appealing to the customer.

It became a platform for amalgamation and Kishore Biyani left a lot of value to beshared with these traders. He operated on the principle that “it was not aboutslicing the current opportunity but about growing it further.” He built a convictionthat if collectively if they were able to grow the opportunity a modern retail formatprovided, there could be actually 3 winners – the customer, the vendor and thecompany.

In a business like retail, the primary concern should be how to understand andinterpret the customer needs and anticipate what they want. No doubt one needs agood supply chain, but it shouldn’t be at the cost of understanding the customers.You can always tinker around with the supply chain at the next stage, but you can’tblow up customer understanding.

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So in process of growth with every store that is opened was an evolution – anevolution of understanding of our customers and an improvement of what we findworks with customers and what doesn’t.

The challenge for them is that as they grow in size and scale, they have to ensurethat their supply partners grow faster and are able to meet their demands. They areworking with them, funding them, and mentoring them towards this end. Forexample, in staples they have brought together their partners and formed together acompany that will supply quality products to the store. They are investing inautomation and technology for this company. They are helping the company to hiresenior professionals, so it can grow fast and keep pace with their own growth andrequirements. Beside, the group has raised a private equity fund, in division, thatcan invest in small and medium companies and brands and scale up their business.These companies have option of becoming the supply partners and leverage thecompany distribution network to scale up their own brand value.

However big bazaar will continue to depend a lot on small and medium suppliers.A large portion of what they sell at the outlets caters to local tastes and theseproducts have to be sourced locally. India has one of the best micro-entrepreneurial setups in the world and the power of micro-enterprise to cut costsand drive efficiency is unparallel.

So in order to build a successful retailing model, modern retailers will need toleverage the huge power of micro-enterprise and the indigenous supply chainpresent in India.

BOLLYWOOD CALLING

Now by 2000, the focus shifted on building big bazaar as mass retailing brandbased on a strong value proposition. Because it was clear that it was the time forhypermarket model and so they had to scale up fast and reach out to a masscustomer base. The big bazaar tagline promised to offer good quality products atthe cheapest price in town. And to gain the mindshare of customers, thisproposition had to generate a certain amount of buzz.

As retailers of garments and fashion products, they were always constrained by theamount of money, which they could spend on advertisements. By early, cricketstars and properties had become too expensive for them to afford. Movies on theother hand, seemed to be an ideal vehicle to build their brand and take it to themasses.

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A movie budget runs into at least a few crores. However, with in-filmadvertisements and film-merchandising, which were new concepts at that point oftime, a brand message could be reached out to the huge audiences. Their thoughtwas that if they could use this opportunity effectively, movies could become themost efficient communication vehicle for them.

They were among the first people to strike a deal with ESPN in the mid-nineties.They even made a strategy to promote their pantaloons store brand through makingand investing in bollywood movies to say simply. The film was an unpaidadvertisement vehicle that would reach out to all the movie-going audiences acrossthe country. Apart from producing the movie, they were also somewhat involved increating the music for it as well. They also developed the marketing game plan forit.

Their first movie was, NA TUM JANO NA HUM, which was released on 10 th may2002…A soft toy named tutu that featured in the film became very famous and wassold in various sizes at the pantaloon, even a range of men’s and women’s apparelhad also been launched under the tag ‘from sets of NTJNH’.

And their second movie was ‘CHURA LIYA HAI TUMNE’. However movie wasunsuccessful but Kishore learned a lot from it, he found a couple of reasons, whyhe failed at the art of movie-making. One of the reasons is that there are too manyvariables that go into the success or failure of a movie-individual characterperformances and the ability of every crew member play a critical role so do a hostof external factors like distribution and exhibition. The kind of movies that aregetting released at the same time, and the changing customers tastes probably helost control of most of these factors that decide a movie’s fate.

According to Kishore, in order to be successful at making movies, one has to be ina position where he or she can control the entire value chain-the production, postproduction, distribution, and exhibition. The financial success of big banner movieis often sealed even before it is released.

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BUSINESS @ THE SPEED OF THOUGHT

BUILDING THE TEAM: One thing it was clear for Kishore Biyani: retailing is asimple business. It was definitely much simpler than making movies and that’sprobably reason he fared better in retail, than in movies.

But what one can learn from him is that we don’t need any fancy degrees or yearsof experience to achieve all that they achieved. Rather recipe was their passion,simplicity, and humility willingness to learn and do things in Indian way. Thus fewordinary people got together believed in their dreams of achieving extraordinarythings.

In august 2002, the first food bazaar was launched adjacent to Big Bazaar in highstreet phoenix, Mumbai. They had complete hypermarket model ready and weremanaging 28 large format stores covering 4 lakh square feet. But then they knew inorder to grow business further they needed strong senior management team.

The biggest stumbling block an entrepreneur faces at this juncture is the ability to‘let go and allow’ seasonal professional to come in and drive expansion. Kishoreknew that he had to bring a quality senior management team, but was hesitantabout the kind of people that would suit to his organization culture. The idealpeople who were part of the organization were those who were willing to gothrough the continuous process of learning, unlearning and relearning. To makematter worse, pantaloon retail had a certain negative perception as an employerbrand due to its entrepreneurial nature. Kishore hadn’t bothered to hire a PRagency and was focused on growth rather than on his or the company’s image. Itwas perceived to be one man show, a ‘bania’, or ‘lala’ company.

It is quite obvious that for any organization, it is very important to retain talentedpeople. The reason is not that as an organization they are dependent on everycolleague, but more because stable teams ensure speed and continuity. So if theyneeded speed they need to retain their existing talent base at same time to havecontinuity attract talent so that growth is at faster pace. And for these organizationsthey have to provide employee an environment in which they feel happy andmotivated.

So in the whole process of recruiting people for his team they first found his wayweird and strange but later on they understand his nuances.

The most crucial HR initiative that was undertaken was “GURUKOOL”, aresidential program that is attended by new employees who joined their sales

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teams. This program exclusively focuses on self-development, grooming andbuilding confidence. In addition, everyone was encouraged to pursue company-sponsored professional courses, management courses at the institutes that theyhave tie up with. The potential of individuals to drive skies, make decision at theblink of an eye, and run businesses on their own is evident when one meets theirstore manager and teams.

For example, on 26th July 2005 Mumbai flood when everything came to still forthree days. Offices and shops were shut down, Mumbai’s lifeline, the train servicewas suspended, and even newspaper was not printed. However the food bazaaroutlet that was nit flooded remained open through three days. The staff at the storedecided to stay back and keep them open. When rains stopped, they called upcustomers and delivered milk and food items to their houses. None of this initiativewas suggested by the business heads at the head office. Store employees came uptogether and rose to the occasion. In the process they raised customer’s expectationand proved that retail outlet is as much part of urban infrastructure as the publictransport system. It was store colleagues who established their own imitative thatcome rain or high water, our stores would continue to serve the customer, andprobably even better than on the usual days.

RETAIL REAL ESTATE: In retail a real estate is a key factor and a good locationdoes give a good head start. While more and more talented pool today has taken onthe reins to deliver growth across the organization, a key enabler has been the realestate space that we have at our disposal.

But they placed bet on the direct experience of the growing consumerism in thecountry and booked a considerable amount of retail space. Fortunately they do notpay such high rents because they secured their space before other retailers joined inand before the price shot through the roof. This foresight is now helping us delivermore value at a reasonable cost to the customers.

While his team was planning for 2 lakh square feet shopping mall in Noida.Kishore was among the first few people who visited the spot and gave confidenceto his team to scale up. His biggest strength is the pulse he has on the averageIndian customer. It was because of his optimism and feedback that they scaled upthe project 5 time and brought in eight anchor tenants. So in moving real estatemarket, he is the one who therefore got the lowest price and has been able to signon more locations than anyone else. By getting in early he has far lower real estatecost structure and commands a much larger share of the retail real estate that iscoming up.

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So when it comes to choosing the right location they mostly rely on a soft data andobservation. They visit nearby markets, try to understand the kind of products thatare available at the local bazaars, speak to the people in the area and observe theirshopping patterns. For example, bollywood and retail locations may completelyseem to be unrelated on the surface. Yet studying box office collections of differentmovies provides interesting clues on which format will be the ideal for a particulartown of location. Whether a movie like Gadar or Dil Chahta Hai did better, cangive a retailer an idea of the demographic profile, tastes, and preference and howopen people are to change.

The way Kishore judges a property is very different from the rest. He doesn’t go bywhat anyone else says, he applies his own vision. Kishore will crystal gaze andwhat it will be three to five years hence.

By 2004 at an organization level, they were on strong ground on two crucialingredients that go into retail- people and real estate. With pantaloons, positionedin the lifestyle segment, and big bazaar, positioned in the value segment of themarket, they had developed an extensive knowledge base about the Indian marketand its customers. They thought it was an appropriate time for them to experimentwith some new format and product categories.

LAUNCH OF CENTRAL: Around the turn of the century, an increasing trend wasslowly becoming prominent in retailing across the globe. Department stores werebecoming less and less popular with customers. Last department store offered widerange of product categories from apparel luggage ,toys , crockery to homefurnishes, as well as owned and managed stock of product they sold inside thestore and from there ware house this were referred to as inventory of the retailer .Industry analyst started questioning whether this could still be ideal be the retailmodel and whether the changing retailing department stores as they knew them. Onone side their specialty store that focused on a particular category and on the otherthere were discounter, hyper market and whole sale club that served bargainhunting customer very well. Department stores were squeezed in between and thenew age shopper found there ambience to be formal and boring. So to keep pacewith this strength some department store were steadily reinventing them. The mostprominent among them was U.K based Selfridges chain.

While this trend was becoming more and more apparent abroad, with in India to setcertain consumer pattern were emerging. Like the customer visiting a malltypically walks that includes large stores and a few smaller showrooms. After thatfatigue sets in and he/she is unwilling to walk into any more stores at the mall so

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they asked themselves, what would happen if they remove the walls between thedifferent stores in a mall? In that case, a customer could be exposed to be multiplebrands at the same time, without the necessity of working in and out of differentstore. And along with shopping they could also provide with other entertainingoption. Customer could enjoy seamless shopping and entertainment experience.

These three insights – the metamorphosis of department stores into developedmarkets, customer fatigue at the existing shopping malls in India and the need tocreate destinations malls in Indian cities-formed genesis of the next format i.e. thecentral. The objective was to create retail format that was much larger and totallydifferent from what India had seen till then. It would offer everything frommultiple brands for shopping to restaurants, coffee shop, entertainment options andgaming zones all less than one roof. So if they would be able to deliver on thisformat they could attract customer from every part of the city, and make it cityprime shopping destination.

THE CENTRAL: The first central mall was launched in Bangalore in May 2004.Measuring 120000 sq. feet, it was spread across the six floors and housed overthree hundred brands in category like apparel, footwear, accessories, homefurnishing, music, and books. In addition there were coffee shops; food courts afood bazaar restaurants pubs and discotheque. A customer could also book ticketsfor movies and concerts, book travel tickets and make bill payments.

What has primarily made central the ‘destination mall’ for Bangalore is itslocation. It is located in heart of the city and lot of features was added to furtherestablish it as the focal point of the city. The central square located outside the mallbuilding has been made available for art exhibition, cultural performances, shows,and product launches. And in 2005, the vintage car rally was flagged off from thecentral flag-point, which had since become epicenter for many such events. Radiocentral – India’s first in-house radio station were also launched .Thus centralcaptured in all its glory that was needed for a destination mall and live up to his tagline of “shop, eat and celebrate.

The second central in Hyderabad was launched in heart of city in November2004.It was more than double the size of Bangalore central apart from overhundred of brand to shop it had food court, restaurant, as well as 5 screen multiplexmanaged by PVR cinema.

With the success of central format in Hyderabad and Bangalore it was a time totake this format to every large city in India. So before opening Pune central, the

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back drop for customer interface design they went around observing peoplenoticing their spending habit and taking picture of people in various environments.In retail even a minor chain where a product is placed or shifting it oneself toanother can increase or decrease its sale. Even to the extent of placement vis-à-visthe right or the left hand of the customer when she shopping can bring aboutdramatic improvement in sales figure .At Pune central , Kishore Biyani tookeducate care that no customer segment felt alienated inside the mall. There werededicated places for senior citizen to sit and take rest but the overall ambience ofmall was full of youthfulness and sprit. For College student who are regular visitorof shopping malls, there were counters selling fashion accessories, fast food point,coffee shop, pizza hut to keep young crowd engaged and to ensure that everyfootfall monetized. Central as a concept has now fully matured and are now readyto launch central outlets in India. The concept leverages on the large retail statethey have their disposal. In 11 large cities along with their real state partner thecompany is developing large retail real state space says right in the city of theircentral outlet.

EVERYTHING EVERYWHERE: While working on building the central modelthey were exploring how they could expand number of brands in order to attractlarge number of customer wallets. They went for number of acquisitions.

The first one was Bangalore based Indus League Clothing. The company has avery strong management team, large manufacturing unit in Bangalore and moreimportantly two strong apparel brands Indigo nation and Scullery. The secondcompany that they acquired was Galaxy Entertainment. A listed company Galaxymanaged the popular Sports Bar, Brew bar, and Bowling Company on Mumbai. Itwas thus an interesting vehicle to understand leisure and entertainment segmentwhere a large chunk of consumer expenditure went. Third company was PlanetSports renamed Planet retail that sales sports wear and accessories of foreignbrands like Wilson, Puma, Speedo, and Converse. Along with these they startedtapping other niches as well. In 2005, a new format named aLL- “A Little Larger”.This targeted customers who wanted to buy plus size garments but could not findin regular stores. Some other initiatives like Fashion Station- A value fashionchange and Gold Bazaar to retail gold within big bazaar did not perform well. Boththese failed attempts once again gave them pushes to built new business on theirown.

The boom in marketing was evident to everyone. So in order to get into this marketthey came with new subsidiary company Home solution retail, in 2005. These

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include Collection that caters to home furniture and furnishings, and EZone, thatsells consumer durables and home electronics.

In 2006, they launched books and music chain, depot. It aims to provide amongother things a non-intimidating environment that can attract a large number ofpeople into bookstores.

The Indian market is extremely diverse and fragmented one and mass market isessentially a “mass of niches”. So apart from established format like big bazaar,pantaloons, food bazaar, and central they are created two dozen format that captureevery need and aspect of consumer. They operated across 10 lines of business-food, fashion & footwear, home solution & consumer electronics, book & music,health, wellness & beauty, general merchandise, communication products, e–tailing, leisure & entertainment and financial product. The vision is to delivereverything, everywhere to every Indian customer in most profitable format.However, all the formats were launched keeping in mind the urban and semi-urbancustomer in India.But rural India accounts for 55% of total private consumption and no retailer canafford to ignore the rural consumption market.In order to target rural market they made a new initiative called Kishore Biyani’swholesale market. Rather than reaching out to every rural consumer directly we areworking on a partnership model with rural retailers. Kishore Biyani’s wholesalemarket is being designed to act as a rural hub that will connect small manufacturerswith small traders and retailers. It will also have cold and dry storage facilities,parking and transport facilities and public amenities. Hence, it will build a marketfor rural and agric-products and also create employment opportunities.

As they were setting up retail business they realize that they need to create an ecosystem that could keep pace with their growth. So one of the biggest challenge thatcame around was real state cost were steely going up and building sustainablebusiness at existing cost was increasingly becoming difficult. While developerfocused on maximizing the rent per sq feet, a retailer who occupies space in themall wants to maximize the sales per sq feet .So rather than complaining about theissues, they decided to take on responsibility and address themselves.

Future capital holding, was conceived at the back seat of Honda accrued inNovember 2005 Kishore moved $80 million retail real estate fund( kshitij) intoFCH along with top north team of 35 people lead by Shishir Baijal . The companydivided into 3 parts - idea investment and enterprise and have design theorganization have to be creative free flowing and flat .In addition to kshitij they

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manage 350 million dollars real estate fund( horizon) , 425million dollar privateequity fund (in division), 200million dollar future hotel fund. And couple of otheron their way. Most importantly Kishore Biyani has accumulated the finest talent inshortest possible time and highly competitive time. In addition to a setmanagement business future capital will be launching money market a financialsupermarket that will offer consumer loan and products to customer within thestore. It will also offer the investment product like mutual fund and insurance andthereby has in drawing in a larger chunk of consumption expenditure.

Brand tries to influence customer purchase decision through advertisement intelevision news paper and magazine. Customer make final decision once they seethe product therefore the most effective and measurable way of reaching out tocustomer in to media vehicle inside the store. Retailer can offer brands toadvertising LCD screen place within the stores, point of sale display, kiososks,hooding inside and outside the stores. Leading this initiative, Future mediasubsidiary company they started offering the retail media platform to brand ownergrand advertiser

What is their core confidence?

Their core confidence lies in understanding and delivering to Indian consumer.They won’t make steel, neither will be built car nor set up large petrochemicalcomplexes. But were ever there is a direct customer inter phase will try to capturesome value in some form.

In order to formally establish their presence across the entire consumption space ,in 2006 they created Future Group –an umbrella entity that includes everyinitiative that they undertake ,all their existing and new business are classified into6 verticals retail ,capital ,brand, media space and logistic.

The future for them signifies optimism growth achievement strength and rewards.Future encourages them to explore area yet unexplored, right rules yet unwritten,create new opportunity and build new success stories. Future Group based on a beleave that the future will be even better are then what it is today and the objectiveis to shape future and make a enduring mark in Indian consumption space oftomorrow.

However it could have been foolish to assume that they can run unmanaged somany business entirely on their own , therefore through they have created multipleplatform that help them bring in the knowledge of expertise of some of the best

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Indian and foreign companies in each of these areas. Most of the initiatives aremanage through separate and independent companies that bring in the expertise oftheir partner; this is complimented by their reach in the retailing space.

The Pantaloon Way

At most companies, whether it is Indian or abroad, one notices people workingwithin hierarchies, decision making being dominated by systems and processes andthe way water-tight structure define how every initiative should be undertaken.While at Future Group, a fluid organization where anyone could take on a newresponsibility and execute it the way they wanted. They got into new the areas inthe hope that they will learn all the way and evolve as they go along but there thisapproach was highly criticized and regarded unstructured and quite chaotic.

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Retailing is completely customer led business and design management help usbring customer at the very centre of decision making process. Whether it is infinance, technology, human resources or corporate planning, every function need tothink ‘customer-first’. Design-led thinking can help organization achieve thatultimately lead to better financial performance. Design is a creative activity wherelogic and intuition interact to develop opportunity initiate desirable change andfacilitate innovation. Design is about connecting the dots that initially seems to beentirely unrelated, synthesis is the key. In retailing everything is determined bycustomer and customers are heavily influenced by design that’s why designconnects with their emotion and feelings. And therefore design has to be at the coreof retailing.

We live in an imperfect world and it is meaningless to strive for perfection. It is farbetter through striving for excellence in future prototyping has played extremelycrucial role. The frequency which they launch new business or develop new formatis based on two simple rule that they follow. One was to always have a backupplan. Most of the time we did not know whether an initiative would succeed but ifthing went wrong we knew we could cut our losses fast and move on to backupplan. the other rule was prototyping every concept we launch always went througha prototype phase we built it on a small scale and open it to a customer interposewith an worst and learn and how customer react to it before we scaled it up. Anyinitiative at our org how so ever big or small it is must follow these two rules.

Design process are basically is about this trial and error where in one observe theworld, identifies pattern of the behavior generate idea and get the feedback, repeatthe process and keep it. A good designer constantly innovates, creates, and destroysto create something even better.

A significant development in institutionalizes design –thinking in our strategy wasthe creation of idiom, an independent design and consultancy firm, based inBangalore.

A team of over a hundred and eighty designers from multi disciplines work out ofthe auditorium that has now been converted into an open workplace. Every smalland big idea related to our customer interface is debated, discussed, prototyped hasand given shape at idiom.

In a span of eighteen months since it was founded, it become the think –tank fortheir organization and incubator of ideas and innovation within the company.

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The entire team at idiom is engaged in collective idea making. The multidisciplinary thinking that gets integrated into one single design is amazing. Idiomfollows a simple eight step process to identify a winning idea that can beimplemented fast. Idiom incubates the idea for some time, develops insight andthen expands on them. Since they work independently for their company they areable to generate richer stronger idea that is hard wired to market place.

Idiom:

Idiom work across the all facts of design from product and industrial design tocommunication and branding design of space stores interiors. It plays a major rolein building our consumer strategy. Idiom work independently for future group andyet in many ways institutionalizes the process of innovation within theorganization.

Memetics:

A meme can be anything; an image that gets easily replicated in the mass mediaand public consciousness, particular taste or pattern of behavior, a catchphrase thatrole off your tongue and sticks on your mind, or a tune, an idea, fashion trend oreven a new movie.

The study of mems is called memetics. It is a mixture of learning from geneticsphysiology, anthropology, and other social sciences that’s put together for thebehavioral context. Memetics can be used to interpret these trends and theninfluence consumer. Mems, as a fundamental property evolve via natural selectionthrough replication, mutation, survival and competition e.g., while one idea maybecome extinct, other ideas survive, spared, and mutated after modification.

Internist their teams working ion understanding and interpreting mems have comeup with interesting ideas by identifying the emerging mems in India. From shoeswith adjustable soles that can increase or decrease your height, to T-shirts that willcome with Velcro appliqués or alphabets so that they can make and changegraphics on the t-shirts; they are looking at innovative product that can capitalizeon the emerging mems in the Indian consumption sector. Memetics has become animp tool for them because it brings the understanding of culture and humanbehavior at the centre stage of developing business strategy.

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Scenario planning & story telling:

They have adapted numerous stories, from Paulo Coelho’s. The alchemist toBollywood flicks, to suit their specific need and context. While a session on how toface competition may involve a story based on a common man ‘s interface withvarious companies, a vendor management strategy document can will evolve froma story about a small entrepreneur from a nondescript town, who visits the city andfinds a partner in them , who will help to build and grow their business . Newemployees are introduced to their strategy and back ground various storytellingsessions and are then encourage developing their own story based on what theyhave learnt till that time. A story help to create an understanding that goes beyondjust the financial no and capture the values, thought process and the soul of theorganization

Along with storytelling, what has played the key role in evolving their strategy intheir org scenario planning is based more on intuition and imagination then ondrawing firm established model. They know that they cannot extrapolate from thepast to in vision the future. With the pace at which India is growing and changing itis unreasonable to use an approach that worked somewhere else and expect it tosuccesses here. Therefore one needs to look at the future without being prejudiceby the past.

Flow& learning from nature:

Business organization is living, breathing entities which grow organically. And healso believe that there is lot that org can learn from understanding nature. Nature isthe best designer and very often they have been inspired nature work. In nature,there are no fundamental tension between conservation change, Order andfreedom, organized and disorganized. Complex city and simplicity co exist innature, there is continues fight for survival and yet there is harmonyinterdependence among all living organism

The idea of flow is extremely for any business organization and it part of theirorganization’s core value. if one believes in the idea of flow one always move onrather than getting stuck and wasting time in making decision . In most orgmanager keep working in circle discussing and re-discussing everything fromevery possible angle. And yet of the 10 decision they make only 8 turn out to right.Two still go wrong. An organization never has perfect info or complete consensusbefore leading a new initiative. There will always be some amount of conflict and alot of certainty. But the movement it stops to resolve each issue and make

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everything certain, it moves towards stagnation. Everyone in their organization,irrespective of what level they work is encouraged to take initiative and makedecision.

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2. STRATEGY (HOW THE RESOURCES ARE MOBALISED)

A new normal is being defined in the Indian consumer market every day. With far-reaching socio-economic changes that India has undergone in the last decade, thedrivers in urban and rural India are maturing fast.With a growth strategy tempered with localization and an inclusive businessmodel, Future Group is the only pure play local retailer poised to lead India’sconsumption story with sustainable value creation.Our multi-format retail strategy captures almost the entire consumption basket ofIndian customers. As modern retail drives new demand, efficiency andconsumption in new categories, our strategy is based on our deep understanding ofIndian consumers. We understand the varied buying behavior of the Indianconsumer across regional ethnicities and are constantly innovating to craftstrategies that address the subtle differences.Future Group's strategy is aimed at achieving inclusive, sustained, andprofitable growth with three levers

They believe that modern Indian retail rests on the strength of two pillars – scaleand efficiencies. As front-runners in both areas, they firmly believe their coreresponsibility lies in providing protection to customers from the overall rate ofinflation. While the scale and size of our operations helps them improveefficiencies, it also ensures they deliver greater value to their customers.

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CUSTOMER ORIENTAION

The bottom line in each of our retail success stories is "know your customer". Insights into the soul of Indian consumers - how they operate, think, dream and line - helps us innovate and create differentiating functionally.

CONTINUOUS

As India's largest retailer, we understand the importance of innovation. We rethink strategies and realign businesses with increasing agility to provide diverse customer groups with refreshingly different retail experiences.

COLLABORATIVE

Creating a collaborative environment combining our strengths with our suppliers and vendors helps us create immense value for our customers which in turn fosters matual growth.

Their retail thrust is focused on four principal verticals of Food, Fashion, GeneralMerchandise, and Home. These four categories together account for nearly 65% ofthe consumption in the country and represent mass consumer aspirations.Acknowledging this, they are creating retail pure play through divestment anddemerger of non-retail businesses to concentrate our efforts on these verticals.India’s retail boom is being driven by resurgence in the economy. Modern retailstill has around 6% share of the total retail spend in the country that is estimated ataround US $ 400 billion. Thus, the potential for modern retail growth in India ishuge. Currently, leading retailers in mature markets occupy the top three slots byturnover, employment, and value creation. As the Indian economy matures, it isupon us to make the same happen in their country.Future Group was conceived as a force to drive domestic consumption and captureevery addressable need of Indian consumers.They have different braches like:

RETAILFuture Group makes every effort to delight its customers, tailoring store formats tochanging Indian lifestyles and adapting products and services to their desires.We operate some of India’s most popular retail formats. Across value and lifestylesegments, our multi-format retail strategy caters to the complete consumptionneeds of a wide cross-section of Indian consumers.

As modern retail drives fresh demand and consumption in new categories, ourstrategy is based on a deep understanding of Indian consumers, the products theywant, and making these products available in every city, in every store format.Future Group offers innovative offerings at affordable prices tailored to the needsof every Indian household.

Pioneers in the India’s retail space, our formats are household names in morethan 93 cities and 60 rural locations across the country

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L I F E S T Y L EV A L U E A N D H O M ED I G I T A L

Our stores cover around 17 million square feet of retail space and attractaround 300 million customers each year

Pantaloon Retail (India) Limited focuses on the lifestyle retail segment ledby the Pantaloons and Central formats

Future Value Retail focuses on the value retail segment through the BigBazaar, Food Bazaar, and KB’s Fairprice formats.

FINANCE

Created on the foundation of our belief to help the Indian dream fly high, ourfinance business aims to empower people to pursue their dreams. Our financesolutions, an important component of our business portfolio, aim to helpenterprises transform and differentiate their offerings.Future Group has broadened its finance services portfolio to strengthen its positionin the highly competitive consumer market through user-friendly and dynamicservices based on Indian consumer needs. Our group companies provide consumerfinance and insurance to customers besides offering corporate loans and equityinvestments to companies engaged in consumer businesses.The key aspect of our business model is to provide a unique personalized customerexperience to expand and capture a greater share in the highly competitive financemarket and help people realize the Indian dream.Financing DreamsFuture Group’s financial arm - Future Capital Holdings Limited (FCH) is aprovider of financial services across consumer and wholesale businesses, withaspirations to grow into a significant financial conglomerate.Conceptualized around a unique positioning of a financial services business,integrated with a retail chain, Future Capital is establishing financial superstoreswithin the Retail stores of Future Group such as Big Bazaar, E-zone and HomeTown to create India’s first ‘consumer-centric’ retailer of financial products andservicesSecuring LivesFuture Group’s foray into life and non-life insurance services and products is ledthrough Future General India Life Insurance Company and Future General IndiaInsurance Company, respectively.These ventures are in partnership with Italy’s General Group that is amongst thethree largest insurance companies in Europe and is ranked amongst the Top 50 onthe Fortune 500 list.Enabling Entrepreneurship

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Future Ventures promotes and participates in innovative and emerging businessventures in India. We aim to empower entrepreneurship by focusing onconsumption-led sectors in the country such as Fashion, FMCG, Food Processing,Home Products, Rural Distribution, and Vocational Education.We also participate in businesses where we can exercise control and add value asan active shareholder by utilizing the experience and knowledge of Future Group.

SERVICES

In a highly competitive retail marketplace with changing consumer preferences,different formats and large geographical spread, retail logistics is a critical businessactivity.At Future Group we believe the viability of a retail operation hinges as much onachieving efficient logistics and supply chain as it does on attaining success at thefront end.A seamless logistics function to move our products from the manufacturer to ourstore shelves is at the heart of our retail operations. Our robust presence in logisticsand supply chain helps us move millions of products to customers each day of theyear across India in the most efficient and cost-effective mannerFuture Supply Chains, a specialized subsidiary, offers a strategic, focused, andconsolidated approach to meet the group’s large supply chain requirements as wellas those of select suppliers and business partners.Future Supply Chains provides integrated end-to-end supply chain management,warehousing and distribution, multi-modal transportation and container freightstations.

Operates 5 major verticals: Warehousing, Transportation, InternationalLogistics, Brand Distribution and Reverse Logistics

Current warehouse footprint of over 3.5 million square feet with 67warehouses across 32 locations.

Dedicated fleet of over 400 vehicles and an outsourced fleet of 400 trucksthat move goods across India in the most efficient and cost-effective manner

Li & Fung, the Hong Kong-based largest retail supply chain company, is aninvestor and partner of Future Supply Chains.

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PAYBACK LOYALTY PROGRAMMEFuture Group has taken the whole concept of customer loyalty to the next level byjoining hands with PAYBACK. PAYBACK is India’s largest and one of Europe’smost successful multi-partner loyalty programs. With PAYBACK, customers canshop, save and get rewarded. This program enables consumers to collect millionsof points across online and offline partners – with just a single card. Customers canaccumulate points across Future Group formats, thereby making “shoppingrewarding”.

What Is PAYBACK?PAYBACK is Europe's leading customer loyalty program, headquartered inGermany, with a total of 25.5 million active cardholders in Germany and Poland.In India, PAYBACK consolidated its position after taking a major stake in I-Mint.Today, with more than 30 partners with 1,500 outlets and 10 million card members,it’s the only program which works with market leading pan-India players from thebanking, travel, petroleum, and online sectors such as ICICI Bank, HPCL,Univercell, BookMyShow, and MakeMyTrip.Now that Future Group has become a part of this bandwagon, customers are boundto earn points at every step – from formats like Big Bazaar, Food Bazaar, Pantaloons, Central, Home Town, eZone, Brand Factory and Future Bazaar.These points can then be redeemed for air miles, movie tickets, air tickets and vice versa.With Future Group and PAYBACK “Shopping is Rewarding”.

Benefits of paybackOur formats Big Bazaar, Food Bazaar, Pantaloons, Central, Home Town, eZone,Brand Factory and Future Bazaar are a part of the PAYBACK Loyalty program.

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LEADERSHIP STYLE

Since his young age, he had a rational thinking. He would question each andeverything and do it if he found some logic behind it. He was an introvert and shyperson at young age. He believed in the ideology i.e. create and destroy. He wouldobserve people, judge them and then accordingly associate or dissociate fromthem. He has got following characteristics:

VISIONARY-He is a true visionary when he started selling readymadegarments when nobody preferred ready-to-wear shirts or trousers. Now hisvision is serving Indian society and which is unchallenged.

RISK TAKER-He tried out different things on his own, like readymadegarments, textile production, creating brands before he ventured in retailbusiness of selling garments.

AMBITIOUS-He always had ambition of making it big in business, and thathe has done.

SIMPLICITY-You’ll never catch him in a tie and jacket. He doesn’t driveexpensive cars.

He has got all the TRAITS OF AN EFFECTIVE LEADER:

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At every stage in life, one learns and matures and sees new scenarios, newopportunities, and new possibilities. In a fast growing economy, one focuses ongrowing revenues, exploring new businesses. In a subdued economy, growth has tobe multi-dimensional — growth could mean growing efficiencies, growingmargins and getting more from the same. Even today, they are just as ambitious,but our ambition is more about getting more from the same scale of business oroperations or resources through better productivity and better execution. The paceof change is increasing every day — there are new trends, new technologies andoften contra-trends as well. Each of these brings new challenges and opportunities— depending upon how innovative and agile one is. For leaders of tomorrow,coping with change, and even benefiting from it, will be the biggest challenge. First generation entrepreneurs start with almost nothing and therefore have littlefear of failure. As business grows, achievements, success and scale come in, andthen people often fear losing these. That affects fresh thoughts and innovation in

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INTELLIGE-NCE

SENSTIVIT-Y

INTERNAL LOCUS O F CONTROL

FLEXIBILIT-Y

HIGH ENERGY

SELF CONFIDEN-CE

INTEGRI-TY

the enterprise. Second-generation entrepreneurs, who can overcome this andpursue new ideas, and not just act as preservers of an enterprise, will create a namefor themselves.

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AWARDS AND RECOGNITION

Starting from 2003 they have been awarded many a times like in 2003- Indian Express Award and Idusland Bank(India brand summit) Images Fashion Award in the year 2008, 2009, 2010, 2011, & 2012. Images Retail Award in the year 2004, 2005, 2007 Reid & Taylor and DLF Awards in the year 2004, 2006, and 2008 Retail Asia Pacific Top500 Awards in 2006 & 2008, Singapore, Asia Money Awards2006, Ernest And The Young Entrepreneur Of The Year Award2006, CNBC Indian Business Leaders Award 2006 CNBC Awaz Consumers Awards In 2006,2008,2009,2010.2011 World Retail Congress Barcelona Award2007 &2009 , Coca Cola Golden Spoon Awards in the year 2008, 2009 & 2010 The India Star Award 2008, The Gurukul Awards 2009 Asia’s Best Employer Brand Awards2010 Golden Spoon Awards in the Year 2010 And 2011. ICAI awards 2011, Food retail & SCM and Agro Logistics Summits &

Awards 2011 Star News Brand Excellence Awards 2011 DNA & Stars Of The Industry Group Innovative B-SCHOOL Award 2011,

And recently he has been awarded in the year of 2012 with CISO Awards, Golden Spoon Awards, Images Fashion Award, ET Retail Awards Bloomberg UTV B-School Excellence Award.

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BIBLIOGRAPHY

1. Baishya Dipayan, Biyani Kishore. “IT HAPPENED IN INDIA”, Rupa &Co.2007.

2. Kamath, Raghavendra. "Pantaloon's woes: High debt, slow sales", BusinessStandard. Retrieved 3 May 2012.

3. Srivastava, Samar. "A Person of the Year: Kishore Biyani". Forbes India.Retrieved 3 May 2012

4. "Retailer Kishore Biyani: 'We Believe in Destroying What We HaveCreated'". November 1, 2007. Retrieved November 16, 2012

5. Kamath, Raghavendra. "Pantaloon's woes: High debt, slow sales". BusinessStandard. Retrieved 3 May 2012.

6. The Times, London, 14 January 2008, In India, giving the customers whatthey want means offering the art of chaos

7. Outlook Business, “The Atheist Turns to Mythology”, 4 April 2009,8. Future group official site- http://www.futuregroup.in/about-

us/milestones.aspx9. The National. The making of India's retail King, October 15, 200910.http://www.futureretail.co.in/11. http://www.in.com/kishore-biyani/biography-413.html12.http://investing.businessweek.com/research/stocks/people/person.asp?

personId=141237&ticker=14122413.“ It Happened in India ” Kishore Biyani's Story | People at Work & Play, Nov

27, 2007 http://bprao.wordpress.com/2007/11/27/it-happened-in-india-kishore-biyanis-story/

14.Wal Mart and BIG BAZAAR : A comparitive analysis - SlideShare, April 122009, http://www.slideshare.net/parasDeshpande/wal-mart-and-big-bazaar-a-comparitive-analysis

15.Kishore Biyani - Wikipedia , the free encyclopedia , November 16, 2012. http://en.wikipedia.org/wiki/Kishore_Biyani

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