| Revision as of 11:51, 14 June 2022 editMaxnaCarta (talk | contribs)Autopatrolled, Extended confirmed users, New page reviewers, Pending changes reviewers, Rollbackers14,600 editsm Reverted edits by 2405:204:2213:8E43:0:0:248C:98A1 (talk) to last version by SmasongarrisonTag: Rollback← Previous edit | Revision as of 09:20, 21 June 2022 edit undoKiran891 (talk | contribs)Autopatrolled, Extended confirmed users, Pending changes reviewers, Rollbackers22,702 edits →History: +refNext edit → | ||
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| In August 2019, ] 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 after three years.<ref>{{cite news|title=Amazon to acquire 49% stake in Kishore Biyani's Future Coupons; to get 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}}</ref> | In August 2019, ] 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 after three years.<ref>{{cite news|title=Amazon to acquire 49% stake in Kishore Biyani's Future Coupons; to get 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}}</ref> | ||
| In August 2020, it was announced that ] had reached an agreement with Future Group to acquire the latter's retail and wholesale businesses, and also its logistics and warehousing businesses for $3.4 billion.<ref name=":02">{{Cite web|title=India's Reliance Retail to acquire Future Group's retail, wholesale, and logistics businesses for $3.4 billion|url=https://social.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}}</ref> This takeover was approved by the Competition Commission of India (CCI). | In August 2020, it was announced that ] had reached an agreement with Future Group to acquire the latter's retail and wholesale businesses, and also its logistics and warehousing businesses for $3.4 billion.<ref name=":02">{{Cite web|title=India's Reliance Retail to acquire Future Group's retail, wholesale, and logistics businesses for $3.4 billion|url=https://social.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}}</ref><ref>{{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=] |date=9 March 2022 |language=en}}</ref> This takeover was approved by the Competition Commission of India (CCI). | ||
| Subsequently, 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 Singapore International Arbitration Center. In August 2021, the ] upheld Amazon's plea to restrain the merger.<ref>{{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}}</ref> 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.<ref>{{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}}</ref> | Subsequently, 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 Singapore International Arbitration Center. In August 2021, the ] upheld Amazon's plea to restrain the merger.<ref>{{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}}</ref> 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.<ref>{{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}}</ref> | ||
Revision as of 09:20, 21 June 2022
Indian conglomerate company
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 | |
| Company type | Private |
|---|---|
| Industry | Conglomerate |
| Founded | 2013; 12 years ago (2013) |
| Founder | Kishore Biyani |
| Headquarters | Mumbai, Maharashtra, India |
| Products | |
| Number of employees | 50,000 |
| Divisions |
|
| Website | www |
Future Group is an Indian conglomerate, founded by Kishore Biyani and based in Mumbai, Maharashtra. The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central, etc. The group also has a notable presence in integrated foods and FMCG manufacturing sectors. Future Retail Limited and Future Lifestyle Fashions Limited, two operating companies of Future Group, are among the top retail companies listed in BSE concerning assets, and in the National Stock Exchange of India to market capitalization.
Future Group is a corporate group and nearly all of its businesses are managed through its various operating companies based on the target sectors. For example, retail supermarket/hypermarket chains Big Bazaar, FBB, Food Bazaar, Food Hall, Hometown, etc. are operated by its retail division, Future Retail Limited, while its fashion and clothing outlets Brand Factory, Central, and Planet Sports are operated via another of its subsidiaries, Future Lifestyle Fashions Limited. Furniture is retailed through HomeTown stores in major cities and online. With these many fashion outlets and supermarkets, the group also promotes its fashion and sports brands like Indigo Nation, Spalding, Lombard, Bare, etc., and FMCGs like Tasty Treat, Fresh & Pure, Clean Mate, Ektaa, Premium Harvest, Sach, etc. It also has operating companies to cater specifically to internal financial matters and consulting within its group of companies. Future Group firm Future Enterprises Ltd expects to raise around Rs 3,000 crore from selling its stake in the insurance business to pare debt, which may save the company from facing the rigour of the insolvency process, according to industry sources.
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). To do so, the Pantaloons fashion segment was demerged from Pantaloons Retail India Ltd; the latter was then merged into another subsidiary—Future Value Retail Ltd—and later renamed Future Retail Ltd.
On 21 November 2014, Future Consumer Enterprises Limited acquired 98% from Actis Capital and other promoters. With that, Nilgiris is a fully-owned subsidiary of Future Consumer Enterprises Limited (FCEL).
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 after three years.
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 also its logistics and warehousing businesses for $3.4 billion. This takeover was approved by the Competition Commission of India (CCI).
Subsequently, 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 Singapore International Arbitration Center. In August 2021, the Supreme Court of India upheld Amazon's plea to restrain the merger. 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.
Operations and subsidiaries
Retail
- Future Retail Ltd
- 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.
- HomeTown, furniture retailer
- Koryo (Private Label)
- Food Bazaar
- Fashion at Big Bazaar (FBB)
- Aadhaar Wholesale
- E Zone
- Foodhall
- Easyday
- Big Bazaar
- Nilgiris 1905
- Heritage Fresh
- HyperCity
Future Lifestyle Fashion Ltd
- Central
- Brand Factory
- Planet Sports
- I AM in
Fashion and lifestyle
- 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
- Nilgiris
- 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
FabFurnish
FabFurnish was launched as an online retailer of furniture, décor, and home appliances in March 2012 by Vikram Chopra, Mehul Agrawal, and Vaibhav Aggarwal. The company was headquartered in Gurgaon, NCR.
Vaibhav Aggarwal quit the company in early 2014. In July 2015, the brand declared strategic restructuring of its top management by introducing Ashish Garg and Ankita Dabas as the new co-founders. In April 2016, FabFurnish became a Future Group company. On 13 April 2017, the Times of India reported that Future Group was likely to close FabFurnish.
Generali Group
Generali is an Italian insurance company, having business in India through a joint venture with Future Group under the brand name Future Generali Insurance. Future Generali operates in India having two primary legal entities namely Generali India Life Insurance Co. Ltd. (Life Insurance) and Generali India Insurance Co. Ltd. (Non-Life Insurance). Since 2013, Future Generali held talks of a possible merger with Larsen & Toubro Ltd. to form a general insurance company but a year later, on 22 April, Future Group backed out of the merger leading to premature closure of the talks.
Staples Inc
Staples Inc., a United States-based office supply retailer, has a presence of over nine cities in India under the joint venture with Future Group. As of April 2013, Future Group has a 60% stake in the partnership.
Skechers
Skechers entered India through a JV with Future Group in 2012. Skechers ends joint venture with Future Group in February 2019 by buying 49% stakes.
Celio
French fashion Celio entered Indian markets in 2008 through a 50:50 joint venture with Future Group's then retail hand, Pantaloons Retail India Ltd (now Future Retail Ltd). In November 2013, Celio hiked its stake in the joint venture to 65%.
Clark
C&J Clark International Ltd. is a UK-based footwear and accessories retailer. The Future Group has entered into a 50:50 joint venture (JV) 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. The brand seeks to gain a share of the premium segment in this category.
See also
References
- Prime, E. T. "Kishore Biyani's Hamletian muddle: Will the Future Group founder walk his talk?". ET Prime. Retrieved 6 July 2020.
- "Top Companies in BSE Retail segment by Total assets". Moneycontrol.com. Retrieved 25 July 2014.
- "Top Companies in NSE Retail segment by market cap". Moneycontrol.com. Retrieved 25 July 2014.
- Future Retail Chains
- Future Fashion Chains
- BSE (10 July 2014). "Future Group Companies". Profit.ndtv.com. Retrieved 25 July 2014.
- "Future Enterprises to raise Rs 3,000 crore from insurance biz sale; aims to pare debt, avoid insolvency". The Economic Times. Retrieved 9 May 2022.
- Our Bureau (30 April 2012). "Aditya Birla Novo to take control of Pantaloon's apparel business". Thehindubusinessline.com. Retrieved 25 July 2014.
- "Future Value to be merged with Pantaloon Retail to cut operating cost". India Times. 10 September 2012. Retrieved 25 July 2014.
- "Amazon to acquire 49% stake in Kishore Biyani's Future Coupons; to get minority stake in Future Retail". Business Today. Retrieved 27 December 2021.
- "India's Reliance Retail to acquire Future Group's retail, wholesale, and logistics businesses for $3.4 billion". TechCrunch. Retrieved 29 August 2020.
- Rai, Saritha; Sanjai, P.R. (9 March 2022). "How Ambani Outfoxed Amazon in a $3.4 Billion Deal Dispute". Bloomberg News. Retrieved 21 June 2022.
- "Amazon wins Supreme Court case restraining merger between Future and Reliance". TheEconomicTimes.
- "Explained: Why CCI withdrew approval for Amazon's investment in Future Group". The Indian Express. 23 December 2021. Retrieved 27 December 2021.
- "Future Group to steer Heritage's retail business". The Hindu. 8 November 2016. Retrieved 19 August 2020.
- Fanzart partners with Future Group's HomeTown Stores
- Reporter, Corporate. "Big Bazaar to invest Rs. 600 crore on expansion". The Hindu. Retrieved 26 February 2017.
- pilla, vishwanath. "Future Retail buys Heritage Foods's retail business". Live Mint. Retrieved 7 November 2016.
Primary sources
- ^ Future Group Businesses as mentioned in its official website
- Future Group Businesses as mentioned in its official website
- ^ "Future Consumer Limited". futureconsumer.in. Retrieved 23 January 2020.
