Kishore Biyani’s ‘craziest’ mistake was not in retail, but Bollywood

Future Group's top boss just got candid during a fireside chat at an Amazon event.

“I made two films that did not work. That was the craziest mistake I have made so far,” said Biyani, adding that the failure of which taught him not to get attached to what you create.

NEW DELHI: Kishore Biyani, Founder and CEO, Future Group, on Thursday engaged in a candid fireside chat with Gopal Pillai, VP, Seller Services, Amazon India at the e-commerce firm’s second day of ‘SMBhav’ event in New Delhi.

The conversation veered many corners with Biyani mentioning the mistakes he committed in the early stages of the company, such as wrong location and store, but they were not noticed since they had just started. Interestingly, the craziest mistake he made wasn’t related to the retail sector, but in the sphere of art.

“I made two films that did not work. That was the craziest mistake I have made so far,” said Biyani, adding that the failure of which taught him not to get attached to what you create.

Biyani had produced two films- ‘Na Tum Jaano Hum’ in 2002 and ‘Chura Liya Hai Tumne’ in 2003 and spent nearly Rs 26 crore on the two films, both of which tanked at the box office.

Meanwhile, talking about the entrepreneurial potential in the country, Biyani said, “India is all about entrepreneurship. I meet a lot of new-age entrepreneurs and they are bubbling with new thoughts, new ideas. If India has to be built, they are the ones building India.”

On a lighter note, he also said that today’s generation has less social restrictions to do something on their own.

“This generation is very different. We were born to socialist parents, we had to rebel to do something different. This generation is born to fairly democratic parents,” the retail industry expert quipped.

When asked about the online vs offline market, Biyani envisioned a ‘phytigal’ future for retailers. He said that both- the brick and mortar stores and the ones have their respective sets of advantages.

He underlined that while digital gives reach, the offline stores are all about human interaction which is difficult to replace.

“Both of them came in different eras and they will meet, I think in next 3-4 years, it will be 'phygital'," he said.

Amazon has recently joined hands with Future Group, allowing the latter to access the former’s online platform. As per the agreement, Amazon India will become authorised online sales platform for Future Group stores. Further, the Indian retailer’s stores and warehouses will be used by Amazon for faster delivery.

Last year, Amazon bought a 49% stake in promoter company Future Coupons, which indirectly gave Amazon nearly 3.6% in Future Retail.


SOURCE: Paper.li