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Founded a business empire worth crores of rupees selling saris with Dada, now the company is stuck in a huge debt crisis

New Delhi. Kishore Biyani, the head of Future Group, once called the country’s retail king, has continuously borrowed in recent years. Due to which, Future Retail has been unable to pay the interest on the Rs 105 crore loan, after which the default risk of this company has increased. The debt of Future Group’s listed companies rose to Rs 12,778 crore as at 30 September 2019 from Rs 10,951 crore as at 31 March 2019. Biyani had until March to pay off some quotas, but the moratorium by the Reserve Bank of India relieved Future Group somewhat. In mid-February 2020, the market began to talk about Biyani’s ability to repay the debt, after which the company’s shares began to fall sharply. After this, the lenders began asking for more Biyani shares in lieu of the loan.

Company in debt due to the Corona crisis
In the meantime, the Corona crisis gave the company some time to pay off the debt, on the other hand, business was hit hard and all stores had to close. The growing shortage of cash forced the company to default on debt.

Learn how Biyani achieved success in her business
The country’s big trading houses have failed in the business that retail king Kishore Biyani is in, while Biyani has created a huge empire.

Sarees ever sold with Dada: Kishore Biyani was born into a middle class family in Rajasthan. His grandfather had once come to Mumbai from Rajasthan to do business in dhoti and saris. Just 22 years old from Mumbai, Kishore started the job of making pants, which turned out well. His Pantaloons company is doing business all over the world.

Transferred company: As soon as he turned 22, his family members married him to Sangeeta of the Rathi family. He started the work on the pants, it went well. In 1987, the new company Mens Wear Pvt. Limited. started. In these clothes he was sold under the name of Pantaloons. He chose this name because it was close to the Urdu word pant. It was sold only in select stores. He started the Pantaloon store in Goa in 1991 and created a brand in 1992 by raising money from the stock market. Since then it has been continuously increasing.

Hobbies to innovate from the beginning: At the age of 15, Kishore Biyani started going to Century Market in Mumbai. He was not very good at studies. His father and two of his cousins ​​used to work with them, but Kishore didn’t like his approach to work. He then he began to sell stonewash putting his own mill. He used to sell it in small shops in Mumbai. Back then, his store wasn’t even listed in the trade body.undefined

Tags: Retail Company, retail segment

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