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Kishore Biyani, the unassuming head of the Rs 300 crore house of Pantaloon Fashion (I) Ltd, branched out from his father's business and forayed into yarn manufacturing and clothes BS
Research Bureau It all began in 1981. I had acquired my commerce degree from HR College, Mumbai. Dad had his business called Bansi Silk Mills, which I knew I would enter. Be he belonged to the old school. He was conventional, conservative and very orthodox. He was a cloth trader and could never associate textiles and fabrics with glamour and models. So we carried on in a way that did not require much to be changed. The boredom soon got to me and I began to feel restless. I knew that if I didn't get out I would sink. I wanted to start my own yarn manufacturing unit for which I needed Rs 7 lakh. I had about Rs 2 lakh saved as margin money that I made through a few deals I traded in over the years. Two of my brothers chipped in, and dad, helpful as ever, loaned me Rs 1 lakh. That's how we started Pantaloon Fashion (I) Ltd in 1987. For me, the amazing thing was being witness to a revolution. In the old days people dealt with fabrics; in the new era, it was called fashion. From fabrics to fashion, the word changed, a newer meaning developed and the concept metamorphosed into a whole new game ever since Adam stood behind a fig leaf in the garden of Eden. Dressing was in, people were becoming fashion conscious. Instead of going to tailors, they started buying from readymade garment stores. Changing tracks Initially we began making trousers and hawking them to shops that sold multi-brand clothes. The response was good, but it could have been better. The same year, I decided to change track to operate from a regular base. Dad owned a 6,000 sq ft gala (shed) in Andheri. I used the place, installed plant and machinery worth Rs 20 lakh, raised through bank loans using the machines as collateral, and then we began the first of our series of advertising. Clothes need to be advertised. That's how the fashion business grows. It worked. The first year, our turnover was Rs 70 lakh on an advertising budget of Rs 17 lakh. The company made a reasonable profit of Rs 8 lakh which was used to pay off part of the bank loan. My aim was to slot Pantaloon in the office and casual wear segment and make it available all over India as well. That was a dream. The harsh reality was that expansion cost money. We needed our own retail shops so customers would get everything under one roof - shirts, trousers, blazers, socks, ties and handkerchiefs. Raising funds meant going public, which in turn meant outsiders coming in. Look around and see what happens when control is divided in the hands of many. Treading on toes would spell disaster for the company. Turning point Luckily, Arvind Mills arrived on the scene and seeing my efforts with Pantaloon, offered me a deal I couldn't resist. I had to sell their denim brand. I agreed and the popularity of the denim temporarily staved off the money crisis. In 1988-89, our turnover shot to Rs 2 crore. But this meant back to trading where you make margins on somebody else's gain. That is when we launched the concept of Bare Necessities where, as the ad line goes, nothing comes between you and your jeans. The campaign rocked the country and Pantaloon established itself in the fashion industry. That year I made a million through my remuneration which was close to Rs 1 lakh a month. The big screen I have now diversified into entertainment. Our first film Na tum jaano na hum starring Hrithik Roshan and Esha Deol has been released. There are many more in the pipeline. The group has also acquired a strategic 26 per cent stake in a Kolkata-based coffee shop chain - Acqua Java. Pantaloon also has a presence in mall management and has tie-ups with multiplexes like RAVE III, Inox and is also in the process of tying up with the Delhi-based PVR. Today, other Pantaloon brands - Annabelle, Ajile and Shristi - can be found all over the country and in the Middle East. The turnover has shot up to Rs 300 crore. Can anyone ask for more? The right fit Most of us depend on a deity to get things done. I don't think it is necessary. A determined mind, dogged effort and a stroke of luck - with these, all things are yours. If I was not born into a trader's family where would I be? The possibilities are endless, one can only guess. Money is important. It helps meet your basic needs and gives some amount of leverage in exercising a choice. So concentrate on making money. That will give you a foothold in life because without money this world can be a terrible place to live in. My motto in life? Rewrite the rules and yet retain your values.
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