Restructuring Pantaloon Retail: The 'Future Group' Initiative

            
 
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Case Details:

Case Code : BSTR227
Case Length : 18 Pages
Period : 2004-2006
Organization : Pantaloon Retail (India) Limited / Future Group
Pub Date : 2006
Teaching Note : Available
Countries : India
Retail

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"We never created a group identity in the past...We cannot be known as Pantaloon. It was originally a trouser brand."1

- Kishore Biyani, CEO, Future Group, in May 2006.

"While Biyani has ambition combined with street smartness, his business model could choke if there is inadequate funding. He has to be careful about cash flows."2

-Arvind Singhal, Managing Director, KSA Technopak,3 in March 2006.

A New Identity

On May 23, 2006, Pantaloon Retail (India) Limited (PRIL) announced that it had signed an agreement to form a joint venture (JV) with the Italy-based Generali Group4 (Generali) to tap the insurance sector in India. The venture would be called 'Future Generali' and would be headquartered in Mumbai, India. Generali would have a 26 percent stake in the venture, which was expected to offer both life and non-life insurance products.

PRIL, which began as a trouser manufacturer in the mid-1980s, had grown over the years to become one of India's largest retail chains.5 The foray into insurance was part of the group's diversification strategy. In March 2006, the Pantaloon Group renamed itself as the 'Future Group'.

The Future Group was divided into six verticals - Future Retail, Future Capital, Future Brands, Future Space, Future Media, and Future Logistics. Under the new structure, PRIL would be a part of Future Retail.

The Future Group planned to operate its insurance business through its financial arm, Future Capital, which was involved in asset management. Future Capital also had plans to get into credit and other consumer related financial services such as banking, personal finance, and investment services. PRIL planned to leverage on its retail strength to acquire customers and cater to their insurance needs.

Analysts viewed the restructuring of the Pantaloon group and its endeavor to establish a new identity as part of the ambitious plans of Kishore Biyani (Biyani), CEO of the Future Group. Biyani was widely regarded as one of the pioneers of organized retail in India.

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1] Anand Adhikari, "Biyani vs. Ambani,"Business Today, May 07, 2006.

2] Purvita Chatterjee, "Biyani's Quest,"www.blonett.com, March 09, 2006.

3] Founded in 1991, KSA Technopak provides knowledge-based services and solutions to leading companies in the Consumer Products industry. It also focuses on sectors like Textiles, Food, and Grocery, Consumer Durables, Fast Moving Consumer Goods, and Consumer Electronics.

4] Established in 1831, the Generali Group is a part of the parent company Assicurazioni Generali. It is a global insurance and financial products company with a strong presence in 40 countries and an asset base of over euro 300 billion.

5] Surajeet Das Gupta, "Meet India's King of Retail,"Business Standard, January 15, 2005.

 

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