Founded a business empire worth crores by selling sarees with Dada, now the company stuck in debt crisis

Founded a business empire worth crores by selling sarees with Dada, now the company stuck in debt crisis

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new Delhi. Kishore Biyani, the chief of Future Group, once called the retail king in the country, has taken loans continuously in the last several years. Due to which Future Retail has been unable to repay the loan interest of Rs 105 crore, after which the risk of default of this company has increased. The debt of listed companies of Future Group increased to Rs 12,778 crore as on 30 September 2019 from Rs 10,951 crore as on 31 March 2019. Biyani had the deadline till March to pay some dues, but the Reserve Bank of India’s moratorium gave some relief to Future Group. In mid-February 2020, the market started talking about Biyani’s ability to repay the debt, after which the company’s shares started falling sharply. After this the lenders started asking for more shares from Biyani in lieu of the loan.

Company in debt due to Corona crisis
Meanwhile, the crisis of Corona gave some time to the company to repay the debt, on the other hand the business was badly affected and all the stores had to be closed. The increasing cash crunch forced the company to default on debt.

Know how Biyani got success in her business
The big business houses of the country have failed in the business in which retail king Kishore Biyani is in, while Biyani has raised a big empire.

Sarees ever sold with Dada: Kishore Biyani was born in a middle-class family in Rajasthan. His grandfather had once come to Mumbai from Rajasthan to do business of dhoti and saris. At the age of just 22 from Mumbai, Kishore started the work of making trousers, which went well. His company Pantaloons is doing business all over the world.

Moved Company: As soon as he turned 22, his family members married him to Sangeeta of the Rathi family. Started the work of trousers, it went well. By 1987 the new company Mens Wear Pvt. Ltd. started. In this clothes were sold under the name of Pantaloons. This name was chosen because it was close to the Urdu word trouser. It was sold at select stores only. Started Pantaloon shop in Goa in 1991 and in 1992, raised the money from the stock market and set up the brand. Since then it has been increasing continuously.

Hobbies to innovate from the beginning: At the age of 15, Kishore Biyani started going to Century Market in Mumbai. Was not very good in studies. The father and two cousins ​​used to work with them, but the approach of their work was not liked by Kishore. Then started selling stonewash by putting his own mill. He used to sell it at small shops in Mumbai. Then his store was not even included in the trade body.

Tags: Retail company, Retail segment

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