 | |
| Company type | Private |
|---|---|
| Industry | Conglomerate |
| Founded | 2013; 12 years ago (2013) |
| Founder | Kishore Biyani |
| Defunct | 2022; 3 years ago (2022) |
| Fate | Acquired byReliance Industries |
| Headquarters | Mumbai, Maharashtra, India |
| Products | |
Number of employees | 50,000 |
| Divisions |
|
| Website | www |
Future Group was an Indianconglomerate, founded byKishore Biyani[1] and based inMumbai. The company is known in Indian retail and fashion sectors, operating supermarket chainsBig Bazaar and Food Bazaar, lifestyle storesBrand Factory andCentral, integrated foods andFMCG manufacturing sectors. Future Retail Limited and Future Lifestyle Fashions Limited are two operating companies whose assets are among the top retail companies listed inBSE,[2] withmarket capitalization among the highest on theNational 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]
In May 2012, Future Group announced a 50.1% stake sale of its fashion chainPantaloons toAditya Birla Group in order to reduce its debt of around₹8,000 crore (equivalent to₹150 billion or US$1.7 billion in 2023).[6] To do so, thePantaloons 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 fromActis Capital and other promoters. With that, Nilgiris is a wholly-owned subsidiary of Future Consumer Enterprises Limited (FCEL).
In May 2015, Future Group acquiredBharti Retail in a deal worth around₹500 crore (equivalent to₹755 crore or US$86 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 thatReliance 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, theSupreme 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]
Source:[Primary 3]
FabFurnish was launched as an online retailer offurniture, décor, andhome appliances in March 2012 by Vikram Chopra,[1] Mehul Agrawal, and Vaibhav Aggarwal.[2] The company was headquartered inGurgaon,NCR.
In July 2015, the brand announced a strategic restructuring, introducingAshish 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 is an Italian insurance company, operating inIndia through a joint venture with Future Group under the brand name Future Generali Insurance. Future Generali operates inIndia via two Generali India Life Insurance Co. Ltd. (Life Insurance) and Generali India Insurance Co. Ltd. (Non-Life Insurance).[Primary 1]
Staples Inc., a United States–based office supply retailer, has a presence in over nine cities inIndia 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 enteredIndia through a JV with Future Group in 2012. Skechers ended the joint venture in February 2019 by buying 49% them out.[9]
French fashionCelio 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]
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 inConnaught Place,Delhi on 19 April 2011.[12]
These are the brands of Future Retail:
