Kishore Biyani: Kishore’s cousin could script the return of Biyanis to retail

NEW DELHI: at a time when India Inc deregistered the promoter of the Future Group Kishore Biyani and his retail family due to a 15-year non-compete clause with Reliance Industries (RIL), his cousin and CEO of Future Retail, Rakesh Biyani, could very well pave the way for the Biyani family in because of the omission of his name from the agreement, sources said.
Rakesh, who runs a chain of ethnic clothing stores under the Ethnicity brand, is Future Group’s go-to fashion retail man and has held various positions for retail organizations across the ‘industry. “Knowing him, he has extensive retail experience and will not be idle,” said a person close to the group of the future. “He also prepared the young members of the Biyani family to enter the business.”
Rakesh and a spokesperson for Future Group could not be reached for comment.
While Kishore’s daughters – Ashni and Avni – ran operations for Future Consumer and Foodhall, after the billionaire’s no-compete deal Mukesh AmbaniRIL and Future Group, which allegedly barred him and his immediate family members from entering the retail space for a period of 15 years, the group was left with companies that will manufacture and will source consumer goods and fashion products to supply to RIL retailers. companies.
Under pressure from accumulating debt and service issues, Kishore, known as the king of retail in India, earlier this year sold the retail business of Future Group, as well as its retail business. warehousing and logistics at the retail branch of RIL – Retail business – for a combined value of approximately Rs 24,700 crore.
But the deal hit a roadblock with Amazon approaching an arbitration body in Singapore, claiming that Future Group breached its contractual obligations by excluding the e-merchant from the discussions. Amazon owns 49% of Future Coupons, an unlisted company of the Future Group, which owns 7% of Future Retail.
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