Focus on `Indianness' and innovation have made Pantaloon Retail (India) Limited (Pantaloon Retail) one of India's largest and fastest growing retailers. Whether it is the launch of Big Bazaar (hypermarket) or Central (seamless mall), the company has demonstrated leadership by pioneering innovative concepts that have set standards in Indian retail industry.

Founded in 1987, Pantaloon Retail has come a long way. From a small, single-format company six years ago, it has grown now into India's largest multi-format retailing giant. Pantaloon Retail began as a single apparel storePantaloons, which today has grown into a company running three highly successful retail formats (Big Bazaar hypermarket; Food Bazaar, food and grocery business; and Pantaloons apparel stores). The company owns 36 outlets spread over 12 major cities in the country and occupies around 1 million square feet of retail space. Within a short span, Pantaloon Retail saw its turnover increase from Rs. 105.24 cr in 1998-99 to Rs. 444.83 cr in 2002-03. This stupendous performance was well appreciated by the stock market. Before the poll results of 2004, the Pantaloon Retail's stock was among the best performers on the BSE¹. It quotes Rs. 335 as on June 7, 2004 up from Rs. 66 a year ago². This is an incredible achievement for a company that had been virtually written off in the 1990s.

The phenomenal growth of Pantaloon Retail in the last 15 years is to a large extent have been helped by a willingness to innovate using a business model quite different from that used by the Western retailers. Kishore Biyani, CEO, Pantaloon Retail, remarks "Don't try to copy any western model. India might surprise you. Adopt a flexible model that captures the value chain and allows you to evolve with the customer³." He adds, "We have been reasonably successful in growing our retail business since our first departmental store opened in Kolkatta in 1997 because of the `Indianness' that we bring in to our business."

Kishore Biyani (Biyani) incorporated Pantaloon Retail in October 12, 1987 as Manz Wear Private Limited. The company was converted into a public limited company on September 20, 1991. On September 25, 1992 the name was changed to Pantaloon Fashions (India) Limited. Biyani set up his first franchised stores outlet-Pantaloon Shoppe in 1993. In 1995, John Miller shirts were introduced in the mid-price segment. By early 1997, the company had nearly 60 Pantaloon Shoppes⁴. With 60 of such Shoppes spread across the country, Biyani gained an insight into the Indian buying habits. Biyani felt that the only way to woo the customers from unorganized retail sector was to price branded garments at a very affordable level. The company was manufacturing only two brands, John Miller and Bare, but the competitive pricing and low margins were making the business unviable. Therefore, Kishore Biyani decided to set up his own stores. In 1997, he opened his first apparel storePantaloons.

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