A mistake ruined everything, a person with assets of ₹ 152257647298 became poor today

The rise and collapse of Big Bazaar: There was a time when long queues were placed on this shop. Thousands of people were seen outside the shop at five in the morning. These people wanted to enter a particular building because that particular building was the favorite shopping destination of the people. On this special day, cheap items were found there. This is a case of India’s first retail store Big Bazaar. The success of Big Bazaar had reached its peak.

The story began in 1983 when Kishore was at Biyani College. Instead of sharing his father’s business, he decided to start his own business. During college days, he saw that boys are wearing fashionable trousers made of a special type of fiber. The cloth stone was washed, the demand of which was growing rapidly in India at that time. Kishore Biyani immediately bought 200 meters of cloth from the Jupiter Mill and started selling to manufacturers in the city. It was here that he started becoming a businessman. This made him profit of millions. He thought that instead of selling the manufacturers, if they sell and sell the readymade trousers themselves, then the profit will be more. Then what, they started building it themselves and named it ‘Pantaloon’

Kishore named it Pantaloon because he wanted to connect it with a trouser. They wanted people to consider it normal. Business rose and the first pantaloon showroom opened in Kolkata. Along with Mains Wear, women wear and children wear also started. It was stupid to open a big store for clothes, but Kishore Biyani understood the future. People’s attitude towards shopping was changing. The color, lighting, look and feel of the store were kept in such a way that the shopping experience of the people changed. Kishore Biyani became a fashion retail legend with Pantaloon.

Kishore noticed that people were spending only 8% of their total pocket money on clothes. He now decided to keep groceries, stationery, food, jewelery and clothes. He decided to keep everything from clothes to kitchen goods in the same shop, so that people do not have to go to different shops for shopping. With this, Big Bazaar was born. He noticed that the psychology of the average Indian consumer is that a modern and hi-fi-looking shop is expensive, so he named his hypermarket as Big Bazaar. So that people can easily connect with the words market. He puts a normal -looking salesmen in the Big Bazaar without a tie and fashionable clothes, so that people can understand and join them.

Kishore Biyani wanted to compete with the local grocery store, so he focused on the cheapest prices. One day a week he used to give huge discounts on the goods. Soon, Big Bazaar stores began to open across the country. Along with making Big Bazaar bigger, he emphasized that people do not have to go to different stores for shopping. Kishore Biyani wanted to do something that is not like a common shopping but gives people a new shopping experience.

Keeping this idea in mind, he started the Central Mall in Bangalore in 2004. The mall was spread over 20,000 square meters. The mall had everything from footwear to home decor, food, grocery, jewelery, food quotes, restaurants, pubs, movie theater. Central started growing rapidly. Kishore Biyani started an ambrala company that could include everyone. It was named Future Group.

Kishore Biyani spread her wings in businesses like Future Group, Big Bazaar, Central Mall, Easy Day. Biyani became the king of the Indian retail industry. Everything from building homes to domestic goods was connected to Biyani’s company, but everything was not the same. He made a big mistake to raise this empire, which he is now paying heavy price.

Kishore Biyani wanted to get into every business where there was a direct transaction between business and customer, but this idea proved to be his biggest mistake, without any planning he started expanding rapidly. He had neither a backup plan nor any business was profitable. They were expanding in new businesses on the basis of loan, but forgot to repay the loan. Kishore Biyani had a debt of more than Rs 12000 crore. His collapse began from 2005.

Kishore Biyani bought 13 apparel brands on seeing it. He started all the big brands, ie some big brands and also started selling gold in big markets. He started the Home Town brand for the construction and renovation of houses. Started the depot of books. Started a kiosk called Chamosa for tea and samosas. Overall, he had participation in every business of the family. Not only this, he started a business ranging from finance to insurance and wealth management in association with Future Group. For all this, he created a mountain of debt. Kishore Biyani, the owner of the Future Group, who is facing the debt crisis, had to sell his Central Mall for Rs 476 crore.

One day sales used to reach more than Rs 30 crore, but in 20 years something happened that the big market stores across the country were locked. A mistake was so big that the Big Bazaar was sold. Both name and identity changed. A mistake by Kishore Biyani, who won the title of retail king and make the Big Bazaar so big, ruined everything. The one who once played in Arabs has become bankrupt today.

Till March 2019, Kishore Biyani was sitting on a mountain of debt. They felt that they would handle the debt on the basis of sale, but the 2008 recession destroyed the sale of the Big Bazaar and the empire of Biyani also collapsed. The loan had reached Rs 12000 crore. Defaulter Biyani now started selling businesses to repay the debt. With a heavy heart, he sold Pantaloon to Aditya Birla Group for Rs 1600 crore. The situation has become such that the stores of the Big Bazaar started closing across the country. A case of bankruptcy was launched against Kishore Biyani, which is going on till date.

Kishore Biyani’s company Future Group failed to repay the loan. Banks confiscated the company’s pledged shares. Kishore Biyani sold Big Bazaar to Reliance Retail. Now Big Bazaar has turned into a smart market. Kishore Biyani’s haste to increase his business, lack of planning, debt addiction and failure in debt management were closed.