Biyani’s cousins float luxury retail venture

Kishore Biyani’s cousin brothers Rakesh Biyani, Joint MD

of Pantaloon Retail, India’s largest listed retailer by revenue and Sunil Biyani, a Director of the Future Group, the parent of Pantaloon Retail, have joined hands too float their own luxury retail venture called Selangor Retail. This, while deciding to keep their roles in Future Group. Selangor Retail has been formed at a time when Future Group is trying to reduce debt and has sold a majority stake in some of its core retail and non-retail ventures.

For the first time, any of Biyani’s family members have launched a company that is not associated with the Future Group, which runs retail chains like Big Bazaar, Food Bazaar, KB’s FairPrice, Pantaloon and Central. Selangor Retail has opened two stores in Mumbai of Royal Selangor, a 130-year-old Malaysian luxury gift items brand. The company plans to add more luxury and gift brands from around the world later.
Selangor Retail is in talks with a local Italian company which has a 200-year-old silver brand, and plans to bring it to India next year. Citing opportunities in the gifting and luxury market, the duo decided to launch and operate the company with a different strategy from Pantaloon Retail.

The duo have roped in their cousin from the maternal side, Shirish Jhawar, as CEO to head daily operations of the new venture.