A college drop-out, Micky Jagtiani, the owner of Dubai-based retail chain Landmark, has entered the list of 10 richest Indians compiled by Bloomberg, reports Rediff.
The 63-year-old’s first business was to sell baby food. Before that he use to clean hotels and drive taxis in Bahrain. He opened his first Shoe Mart in Dubai in 1990.
His group-Landmark is the largest importer of non-food items in the Persian Gulf. The group has 50,000 employees, sells 25 own labels and 40 franchise brands, and generates $5 billion in annual revenue from 1,900 stores across the region.
The group also have franchise rights for big brands like shoe designer Steve Madden and health club Fitness First.
Along with the support from his wife Renuka, Jagtiani operates the Lifestyle branded stores in India. The company grew 25 per cent in 2014-15 to report Rs.4,700 crore revenue. He also has a stake in Debenhams, UK’s second-largest apparel retailer.
The group plans to open seven Lifestyle stores, four Home Centre stores and 25 Max stores in India in the current financial year.
Jagtiani’s personal net worth is estimated at $6.6 billion, above Aditya Birla group chairman Kumar Mangalam Birla’s $6 billion. Unlike others, Jagtiani is reaping the benefits of a retail boom in India and West Asia.