He has agreed to hand over the control of his retail empire for a Rs 24,713 crore deal. The trouble was for him was, he has been spreading himself too thin as the need for capital increased to expand his retail business amid increasing competition from new players as well as the advent of e-commerce.
Biyani, now 59, started his business in the 80s by launching Manz Wear which was later rebranded as Pantaloon. In 2012, he sold his majority stake in Pantaloons chain to Aditya Birla Nuvo for Rs 1,600 crore. In the same year, he listed Pantaloon to raise funds for expansion, store improvements and marketing. It enabled him to create an entire ecosystem for retail including logistics and also mentored many other entrepreneurs and brands.
This story is from the September 2020 edition of Shoes and Accessories.
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This story is from the September 2020 edition of Shoes and Accessories.
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