Jump to content

Future Group

From Wikipedia, the free encyclopedia
(Redirected from FabFurnish)

Future Group
Company typePrivate
IndustryConglomerate
Founded2013; 11 years ago (2013)
FounderKishore Biyani
Defunct2022; 2 years ago (2022)
FateAcquired by Reliance Industries
HeadquartersMumbai, Maharashtra, India
Products
Number of employees
50,000
Divisions
Websitewww.futuregroup.in

Future Group was an Indian conglomerate, founded by Kishore Biyani[1] 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. Future Retail Limited and Future Lifestyle Fashions Limited are two operating companies whose assets are among the top retail companies listed in BSE,[2] with market capitalization among the highest on the National Stock Exchange of India.[3]

Nearly all of its businesses are managed through sector-focused operating companies.[Primary 1]

The group promotes its fashion and sports brands Indigo Nation, Spalding, Lombard, and Bare, and FMCG brands Tasty Treat, Fresh & Pure, Clean Mate, Ektaa, Premium Harvest, Sach.[Primary 1] Other operating companies address internal financial matters and consulting.[4] The company is attempting to reduce debt to avoid insolvency, according to industry sources.[5]

History

[edit]

In May 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 ₹8,000 crore (equivalent to ₹150 billion or US$1.8 billion in 2023).[6] To do so, the Pantaloons fashion segment was demerged from Pantaloons Retail India Ltd, which was then merged into subsidiary Future Value Retail Ltd and later renamed Future Retail Ltd.[7]

On 21 November 2014, Future Consumer Enterprises Limited acquired 98% of Nilgris from Actis Capital and other promoters. With that, Nilgiris is a wholly-owned subsidiary of Future Consumer Enterprises Limited (FCEL).

In May 2015, Future Group acquired Bharti Retail in a deal worth around ₹500 crore (equivalent to ₹755 crore or US$90 million in 2023).[8] Bharti Retail operated 216 convenience stores, supermarkets and hypermarkets under the brand name Easyday.[9] Following the acquisition, Bharti Enterprises received 9% stakes in Future Retail Limited (manages retail operations) and Future Enterprises Limited (manages infrastructure, investments and assets).[10]

In August 2019, Amazon acquired a 49% stake in Future Coupons, and indirectly obtained a 3.5% minority stake in Future Retail, ahead of an option to buy all or part of the promoters' holding in the company.[11]

In August 2020, it was announced that Reliance Retail had reached an agreement with Future Group to acquire the latter's retail and wholesale businesses and its logistics and warehousing businesses for $3.4 billion.[12][13]

The merger between Reliance Retail and Future Group was halted in October 2020, after Amazon filed a plea in the High Court for enforcement of EA awarded by the Singapore International Arbitration Center. In August 2021, the Supreme Court of India upheld Amazon's plea to restrain the merger.[14] In December 2021, the CCI withdrew its approval for Amazon's acquisition of a minority stake in Future Coupons, stating that Amazon had misled the regulator about the purpose of its investment in the Future Group company.[15]

Operations and subsidiaries

[edit]

[Primary 2]

Retail

[edit]
  • Future Retail Ltd[16]
  • Future Lifestyle Fashion Ltd
  • Future Consumer Limited[Primary 3]
  • Future Enterprises Limited
  • Swathi Tiffin Shop
  • Foodhall

Financial services

[edit]

Other services

[edit]
  • Future Innoversity
  • Future Supply Chains
  • Future Brands

Brands

[edit]

Future Retail Ltd.

[edit]

[17]

Future Lifestyle Fashion Ltd

[edit]
  • Planet Sports
  • I AM in

Fashion and lifestyle

[edit]
  • Indigo Nation
  • Scullers
  • John Millers
  • All
  • Rig
  • Coverstory
  • SPUNK
  • DJ&C
  • Buffalo
  • Hey
  • Bare
  • Clarks
  • Holii
  • UMM
  • Urban Yoga
  • Jealous 21

Integrated foods and FMCG

[edit]

Source:[Primary 3]

  • Tasty Treat
  • Fresh & Pure
  • Ektaa
  • Premium Harvest
  • Mera Swad
  • Pratha
  • Punya
  • Sach
  • Kosh
  • Sunkist
  • Kara
  • TS
  • Clean mate
  • Care mate
  • Swiss tempelle
  • Baker street
  • Golden Harvest
  • Prim
  • Desi Atta Company
  • Sangi's Kitchen
  • Voom
  • Dreamery
  • Sensible Portions
  • MYSST
  • Puretta
  • Veg Affaire
  • Terra
  • Mother Earth
  • Karmiq

Joint ventures and associate companies

[edit]

FabFurnish

[edit]

FabFurnish was launched as an online retailer of furniture, décor, and home appliances in March 2012 by Vikram Chopra,[1] Mehul Agrawal, and Vaibhav Aggarwal.[2] The company was headquartered in Gurgaon, NCR.

In July 2015, the brand announced a strategic restructuring, introducing Ashish Garg and Ankita Dabas as the new leaders. In April 2016, FabFurnish became a Future Group company.[3][4] On 13 April 2017, the Times of India reported that Future Group was likely to close FabFurnish.[5]

Generali Group

[edit]

Generali is an Italian insurance company, operating in India through a joint venture with Future Group under the brand name Future Generali Insurance. Future Generali operates in India via two Generali India Life Insurance Co. Ltd. (Life Insurance) and Generali India Insurance Co. Ltd. (Non-Life Insurance).[Primary 1]

Staples Inc

[edit]

Staples Inc., a United States–based office supply retailer, has a presence in over nine cities in India under a joint venture with Future Group.[Primary 2][7] As of April 2013, Future Group had a 60% stake in the partnership.[8]

Skechers

[edit]

Skechers entered India through a JV with Future Group in 2012. Skechers ended the joint venture in February 2019 by buying 49% them out.[9]

Celio

[edit]

French fashion Celio entered India in 2008 through a 50:50 joint venture with Future Group's then retail hand, Pantaloons Retail India Ltd (now Future Retail Ltd).[10] In November 2013, Celio hiked its stake in the joint venture to 65%.[11]

Clark

[edit]

C&J Clark International Ltd. is a UK-based footwear and accessories retailer. Future Group entered into a 50:50 joint venture to form 'Clarks Future Footwear Ltd'. The JV launched its first (1,600 sq ft.) stand-alone store in Connaught Place, Delhi on 19 April 2011.[12]

Future Retail

[edit]

These are the brands of Future Retail:

See also

[edit]

References

[edit]
  1. ^ Prime, E. T. "Kishore Biyani's Hamletian muddle: Will the Future Group founder walk his talk?". ET Prime. Archived from the original on 6 July 2020. Retrieved 6 July 2020.
  2. ^ "Top Companies in BSE Retail segment by Total assets". Moneycontrol.com. Archived from the original on 28 July 2014. Retrieved 25 July 2014.
  3. ^ "Top Companies in NSE Retail segment by market cap". Moneycontrol.com. Archived from the original on 28 July 2014. Retrieved 25 July 2014.
  4. ^ BSE (10 July 2014). "Future Group Companies". Profit.ndtv.com. Archived from the original on 29 July 2014. Retrieved 25 July 2014.
  5. ^ "Future Enterprises to raise Rs 3,000 crore from insurance biz sale; aims to pare debt, avoid insolvency". The Economic Times. Archived from the original on 9 May 2022. Retrieved 9 May 2022.
  6. ^ Our Bureau (30 April 2012). "Aditya Birla Novo to take control of Pantaloon's apparel business". Thehindubusinessline.com. Archived from the original on 24 January 2016. Retrieved 25 July 2014.
  7. ^ "Future Value to be merged with Pantaloon Retail to cut operating cost". India Times. 10 September 2012. Archived from the original on 12 August 2014. Retrieved 25 July 2014.
  8. ^ "Kishore Biyani's Future group acquires Bharti Retail in an all-stock deal valued at Rs 500 crore". The Economic Times. 5 May 2015. ISSN 0013-0389. Archived from the original on 21 May 2023. Retrieved 21 May 2023.
  9. ^ Mallet, Victor; Kazmin, Amy (4 May 2015). "Bharti Retail and Future Group to merge". Financial Times. Archived from the original on 21 May 2023. Retrieved 21 May 2023.
  10. ^ "Future Group's retail business to merge with Bharti Retail". Deccan Herald. 4 May 2015. Archived from the original on 21 May 2023. Retrieved 21 May 2023.
  11. ^ "Amazon to acquire 49% stake in Kishore Biyani's Future Coupons; to get a minority stake in Future Retail". Business Today. Archived from the original on 27 December 2021. Retrieved 27 December 2021.
  12. ^ "India's Reliance Retail to acquire Future Group's retail, wholesale, and logistics businesses for $3.4 billion". TechCrunch. Retrieved 29 August 2020.
  13. ^ Rai, Saritha; Sanjai, P.R. (9 March 2022). "How Ambani Outfoxed Amazon in a $3.4 Billion Deal Dispute". Bloomberg News. Archived from the original on 30 March 2022. Retrieved 21 June 2022.
  14. ^ "Amazon wins Supreme Court case restraining merger between Future and Reliance". TheEconomicTimes. Archived from the original on 25 September 2021. Retrieved 1 October 2021.
  15. ^ "Explained: Why CCI withdrew approval for Amazon's investment in Future Group". The Indian Express. 23 December 2021. Archived from the original on 27 December 2021. Retrieved 27 December 2021.
  16. ^ "Future Group to steer Heritage's retail business". The Hindu. 8 November 2016. Archived from the original on 14 March 2024. Retrieved 19 August 2020.
  17. ^ "Fanzart partners with Future Group's HomeTown Stores". retail4growth.com. Archived from the original on 16 April 2021. Retrieved 21 June 2022.
  18. ^ Reporter, Corporate. "Big Bazaar to invest Rs. 600 crore on expansion". The Hindu. Archived from the original on 14 March 2024. Retrieved 26 February 2017.
  19. ^ pilla, vishwanath. "Future Retail buys Heritage Foods's retail business". Live Mint. Archived from the original on 8 May 2018. Retrieved 7 November 2016.


Primary sources

[edit]
  1. ^ a b "Future Group Businesses as mentioned in its official website". Archived from the original on 10 October 2018. Retrieved 23 November 2011.
  2. ^ "Future Group Businesses as mentioned in its official website". Archived from the original on 10 October 2018. Retrieved 23 November 2011.
  3. ^ a b "Future Consumer Limited". futureconsumer.in. Archived from the original on 2 December 2019. Retrieved 23 January 2020.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Future_Group&oldid=1252567349#FabFurnish"