As per reports in the media, Kailash Bhatia, the CEO of Pantaloon has been selected by Future Group’s Kishreo Biyani, to head the new entity ‘Future Fashion’. Future Fashion is the outcome of the strategy of the Future Group to consolidate its various fashion businesses under one separate entity. An official statement to this effect has not yet been issued by the Future Groupl
Kailash Bhatia is the only ‘outsider’ (non-Biyani family member) on the board of Pantaloon Retail (India)Ltd (PRIL). His expertise in handling the business has been endorsed by several industry officials. He was the only whole time director at PRIL since April 1, 2010, and was also the co-founder of ColorPlus brand, with over three decades of experience in the fashion business.
Such PRIL fashion formats as Central, Brand Factory, Indus League and other fashion investments held by Future Ventures India (FVIL) will be controlled by Future Fashion. The businesses of FVIL comprising brand such as Indus League, Lee Cooper, Celio, Holii, Indus Tree and strategic investments in AND, Biba and Turtle will also be under the command of Future Fashion, and will be demerged from PRIL and FVIL, to form Future Fashion.
Reportedly, once the legal procedures are completed, Ashish Dikshit, president of Madura Fashion & Lifestyle will head Pantaloons. The Company is yet awaiting the courts approval for sale of the Pantaloons format stores business to Kumar Mangalam Birla.