Future Group
{{Short description|Indian conglomerate company}}
{{Use Indian English|date=February 2016}}
{{Use dmy dates|date=February 2016}}
{{Infobox company
| name = Future Group
| logo = Future Group Logo.png
| logo_size = 250px
| type = Private
| founder = Kishore Biyani
| founded = {{Start date and age|2013}}
| defunct = {{End date and age|2022}}
| fate = Acquired by Reliance Industries
| location = Mumbai, Maharashtra, India
|
| num_employees = 50,000
| net_income =
| industry = Conglomerate
| products = {{plainlist|
| services =
| divisions = {{plainlist|
- Brand Factory
- Future Retail Limited
- Future Lifestyle Fashion Limited
- Future Consumer Enterprise Limited
- Future Innoversity Limited
- Future Supply Chains Limited
- Future Brands Limited
- Future Capital Holdings Limited
- Future Style Lab
- Central Mall
- Galaxy Cloud Kitchens
- HyperCity Retail India Ltd.
- Nilgiris
- Vulcan Express Private Limited
}}
| homepage = {{URL|www.futuregroup.in}}
}}
Future Group was an Indian conglomerate, founded by Kishore Biyani{{Cite web|last=Prime|first=E. T.|title=Kishore Biyani's Hamletian muddle: Will the Future Group founder walk his talk?|url=https://prime.economictimes.indiatimes.com/news/68088500/consumer/kishore-biyanis-hamletian-muddle-will-the-future-group-founder-walk-his-talk|access-date=2020-07-06|website=ET Prime|archive-date=6 July 2020|archive-url=https://web.archive.org/web/20200706225104/https://prime.economictimes.indiatimes.com/news/68088500/consumer/kishore-biyanis-hamletian-muddle-will-the-future-group-founder-walk-his-talk|url-status=live}} and based in Mumbai. The company was 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 were two operating companies whose assets were among the top retail companies listed in BSE,{{cite web|title=Top Companies in BSE Retail segment by Total assets|url=http://www.moneycontrol.com/stocks/marketinfo/totassets/bse/retail.html|access-date=2014-07-25|publisher=Moneycontrol.com|archive-date=28 July 2014|archive-url=https://web.archive.org/web/20140728020509/http://www.moneycontrol.com/stocks/marketinfo/totassets/bse/retail.html|url-status=live}} with market capitalization among the highest on the National Stock Exchange of India.{{cite web|title=Top Companies in NSE Retail segment by market cap|url=http://www.moneycontrol.com/stocks/marketinfo/marketcap/nse/retail.html|access-date=2014-07-25|publisher=Moneycontrol.com|archive-date=28 July 2014|archive-url=https://web.archive.org/web/20140728021309/http://www.moneycontrol.com/stocks/marketinfo/marketcap/nse/retail.html|url-status=live}}
Nearly all of its businesses are managed through sector-focused operating companies.{{Cite web |url=http://www.futuregroup.in/businesses/retail-finance-services.html |title=Future Group Businesses as mentioned in its official website |access-date=23 November 2011 |archive-date=10 October 2018 |archive-url=https://web.archive.org/web/20181010063241/http://futuregroup.in/businesses/retail-finance-services.html |url-status=dead }}
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. Other operating companies address internal financial matters and consulting.{{cite web|author=BSE|date=10 Jul 2014|title=Future Group Companies|url=http://profit.ndtv.com/stock/future-retail-ltd_pantaloonr/reports|access-date=2014-07-25|publisher=Profit.ndtv.com|archive-date=29 July 2014|archive-url=https://web.archive.org/web/20140729060626/http://profit.ndtv.com/stock/future-retail-ltd_pantaloonr/reports|url-status=dead}} The company is attempting to reduce debt to avoid insolvency, according to industry sources.{{Cite news |title=Future Enterprises to raise Rs 3,000 crore from insurance biz sale; aims to pare debt, avoid insolvency |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/insure/future-enterprises-to-raise-rs-3000-cr-from-insurance-biz-sale-aims-to-pare-debt-avoid-insolvency/articleshow/91415753.cms |access-date=2022-05-09 |archive-date=9 May 2022 |archive-url=https://web.archive.org/web/20220509052836/https://economictimes.indiatimes.com/industry/banking/finance/insure/future-enterprises-to-raise-rs-3000-cr-from-insurance-biz-sale-aims-to-pare-debt-avoid-insolvency/articleshow/91415753.cms |url-status=live }}
History
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 {{INRConvert|8000|c|lk=|year=2012}}.{{cite news|author=Our Bureau|date=2012-04-30|title=Aditya Birla Novo to take control of Pantaloon's apparel business|publisher=Thehindubusinessline.com|url=http://www.thehindubusinessline.com/companies/aditya-birla-novo-to-take-control-of-pantaloons-apparel-business/article3370466.ece|access-date=2014-07-25|archive-date=24 January 2016|archive-url=https://web.archive.org/web/20160124145600/http://www.thehindubusinessline.com/companies/aditya-birla-novo-to-take-control-of-pantaloons-apparel-business/article3370466.ece|url-status=live}} 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.{{cite news|date=2012-09-10|title=Future Value to be merged with Pantaloon Retail to cut operating cost|publisher=India Times|url=http://articles.economictimes.indiatimes.com/2012-09-10/news/33737171_1_big-bazaar-pril-kb-s-fair-price|access-date=2014-07-25|archive-date=12 August 2014|archive-url=https://web.archive.org/web/20140812200752/http://articles.economictimes.indiatimes.com/2012-09-10/news/33737171_1_big-bazaar-pril-kb-s-fair-price|url-status=dead}}
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 {{INRConvert|500|c|year=2015}}.{{Cite news |date=2015-05-05 |title=Kishore Biyani's Future group acquires Bharti Retail in an all-stock deal valued at Rs 500 crore |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/services/retail/kishore-biyanis-future-group-acquires-bharti-retail-in-an-all-stock-deal-valued-at-rs-500-crore/articleshow/47148446.cms |access-date=2023-05-21 |issn=0013-0389 |archive-date=21 May 2023 |archive-url=https://web.archive.org/web/20230521232922/https://economictimes.indiatimes.com/industry/services/retail/kishore-biyanis-future-group-acquires-bharti-retail-in-an-all-stock-deal-valued-at-rs-500-crore/articleshow/47148446.cms |url-status=live }} Bharti Retail operated 216 convenience stores, supermarkets and hypermarkets under the brand name Easyday.{{Cite news |last=Mallet |first=Victor |last2=Kazmin |first2=Amy |date=2015-05-04 |title=Bharti Retail and Future Group to merge |work=Financial Times |url=https://www.ft.com/content/984d0c34-f25b-11e4-892a-00144feab7de |access-date=2023-05-21 |archive-date=21 May 2023 |archive-url=https://web.archive.org/web/20230521232922/https://www.ft.com/content/984d0c34-f25b-11e4-892a-00144feab7de |url-status=live }} Following the acquisition, Bharti Enterprises received 9% stakes in Future Retail Limited (manages retail operations) and Future Enterprises Limited (manages infrastructure, investments and assets).{{Cite web |date=2015-05-04 |title=Future Group's retail business to merge with Bharti Retail |url=https://www.deccanherald.com/content/475575/future-groups-retail-business-merge.html |access-date=2023-05-21 |website=Deccan Herald |language=en |archive-date=21 May 2023 |archive-url=https://web.archive.org/web/20230521232933/https://www.deccanherald.com/content/475575/future-groups-retail-business-merge.html |url-status=live }}
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.{{cite news|title=Amazon to acquire 49% stake in Kishore Biyani's Future Coupons; to get a minority stake in Future Retail|language=en|work=Business Today|url=https://www.businesstoday.in/latest/corporate/story/amazon-49-pc-stake-kishore-biyani-future-coupons-minority-future-retail-225082-2019-08-23|access-date=27 December 2021|archive-date=27 December 2021|archive-url=https://web.archive.org/web/20211227083842/https://www.businesstoday.in/latest/corporate/story/amazon-49-pc-stake-kishore-biyani-future-coupons-minority-future-retail-225082-2019-08-23|url-status=live}}
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.{{Cite web|title=India's Reliance Retail to acquire Future Group's retail, wholesale, and logistics businesses for $3.4 billion|url=https://techcrunch.com/2020/08/29/indias-reliance-retail-to-acquire-future-groups-retail-wholesale-and-logistics-businesses-for-3-4-billion/|access-date=2020-08-29|website=TechCrunch|language=en-US}}{{cite news |last1=Rai |first1=Saritha |last2=Sanjai |first2=P.R. |title=How Ambani Outfoxed Amazon in a $3.4 Billion Deal Dispute |url=https://www.bloomberg.com/news/articles/2022-03-09/how-ambani-outfoxed-amazon-in-a-3-4-billion-deal-dispute |access-date=21 June 2022 |work=Bloomberg News |date=9 March 2022 |language=en |archive-date=30 March 2022 |archive-url=https://web.archive.org/web/20220330025719/https://www.bloomberg.com/news/articles/2022-03-09/how-ambani-outfoxed-amazon-in-a-3-4-billion-deal-dispute |url-status=live }}
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.{{Cite web|title=Amazon wins Supreme Court case restraining merger between Future and Reliance|url=https://economictimes.indiatimes.com/industry/services/retail/future-reliance-deal-amazon-wins-supreme-court-case/articleshow/85091208.cms|website=TheEconomicTimes|language=en-US|access-date=1 October 2021|archive-date=25 September 2021|archive-url=https://web.archive.org/web/20210925042333/https://economictimes.indiatimes.com/industry/services/retail/future-reliance-deal-amazon-wins-supreme-court-case/articleshow/85091208.cms|url-status=live}} 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.{{cite news|date=23 December 2021|title=Explained: Why CCI withdrew approval for Amazon's investment in Future Group|language=en|work=The Indian Express|url=https://indianexpress.com/article/explained/explained-why-cci-withdrew-approval-for-amazons-investment-in-future-group-7678959/|access-date=27 December 2021|archive-date=27 December 2021|archive-url=https://web.archive.org/web/20211227085402/https://indianexpress.com/article/explained/explained-why-cci-withdrew-approval-for-amazons-investment-in-future-group-7678959/|url-status=live}}
Operations and subsidiaries
=Retail=
- Future Retail Ltd{{Cite news|url=https://www.thehindu.com/news/cities/Hyderabad/Future-Group-to-steer-Heritage%E2%80%99s-retail-business/article16439512.ece|title=Future Group to steer Heritage's retail business|newspaper=The Hindu|date=8 November 2016|access-date=19 August 2020|language=en|archive-date=14 March 2024|archive-url=https://web.archive.org/web/20240314105654/https://www.thehindu.com/news/cities/Hyderabad/Future-Group-to-steer-Heritage%E2%80%99s-retail-business/article16439512.ece|url-status=live}}
- Future Lifestyle Fashion Ltd
- Future Consumer Limited
- Future Enterprises Limited
- Swathi Tiffin Shop
- Foodhall
=Financial services=
- Future Capital Holdings (for internal financial services)
- Future Generali India Life Insurance
- Future Generali General Insurance
- Future Ventures
=Other services=
- Future Innoversity
- Future Supply Chains
- Future Brands
Brands
=Future Retail Ltd.=
{{div-col}}
- Big Bazaar
- FBB (Fashion at Big Bazaar)
- Central (Department Store)
- Nilgiris 1905
- aLL (A Little Larger)
- Easyday
- Heritage Fresh
- WHSmith
- Brand Factory
- 7-Eleven
- Aadhaar Wholesale{{Cite news|url=http://www.thehindu.com/business/Big-Bazaar-to-invest-Rs.-600-crore-on-expansion/article16258263.ece|title=Big Bazaar to invest Rs. 600 crore on expansion|last=Reporter|first=Corporate|work=The Hindu|access-date=2017-02-26|language=en|archive-date=14 March 2024|archive-url=https://web.archive.org/web/20240314105711/https://www.thehindu.com/business/Big-Bazaar-to-invest-Rs.-600-crore-on-expansion/article16258263.ece|url-status=live}}{{Cite news|url=https://www.livemint.com/Industry/ImeCeMhr1dyJi0ojyipjLL/Future-Retail-to-acquire-retail-and-allied-business-of-Herit.html|title=Future Retail buys Heritage Foods's retail business|last=pilla|first=vishwanath|work=Live Mint|access-date=2016-11-07|language=en|archive-date=8 May 2018|archive-url=https://web.archive.org/web/20180508185821/https://www.livemint.com/Industry/ImeCeMhr1dyJi0ojyipjLL/Future-Retail-to-acquire-retail-and-allied-business-of-Herit.html|url-status=live}}
{{div-col-end}}
= Future Lifestyle Fashion Ltd =
- Planet Sports
- I AM in
=Fashion and lifestyle=
{{div-col}}
- Indigo Nation
- Scullers
- John Millers
- All
- Rig
- Coverstory
- SPUNK
- DJ&C
- Buffalo
- Hey
- Bare
- Clarks
- Holii
- UMM
- Urban Yoga
- Jealous 21
{{div-col-end}}
=Integrated foods and FMCG =
{{div-col}}
- 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
{{div-col-end}}
= Joint ventures and associate companies =
== FabFurnish ==
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 ==
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 ==
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 ==
== Celio ==
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 ==
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 ==
These are the brands of Future Retail:
- Big Bazaar
- Central (Department Store)
- FBB (Fashion at Big Bazaar)
- Nilgiris 1905
- aLL (A Little Larger)
- Heritage Fresh
- Easyday
- WHSmith
- Brand Factory
- Aadhaar Wholesale
See also
References
{{reflist|22|refs=https://www.inventiva.co.in/stories/inventiva/reliance-retail-extends-deadline-to-complete-rs-24713-crore-deal-with-future-group/}}
=Primary sources=
{{reflist|group="Primary"}}
External links
- {{Official|www.futuregroup.in}}
{{Nifty 200 companies}}
Category:Companies based in Mumbai
Category:Retail companies of India
Category:Online retailers of India
Category:Retail companies established in 2013
Category:2013 establishments in Maharashtra