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
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]
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
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
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]
