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This College Drop-out Is Now Among The Top 10 Richest Indians

Updated on 9 September, 2019 at 3:29 pm By

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.


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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.



 

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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.

 

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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.

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