His fortune is estimated at US$2.5 billion (£1.45 billion), but retail tycoon Mukesh “Micky” Jagtiani has no airs and graces. Speaking for the first time in London at a conference, the founder and chairman of Dubai-based Landmark Group is decidedly affable and modest.
When an effusive retailer tells him they found his speech “inspirational”, he asks, quite genuinely: “Did you really?”
Even when his aides remind him he is talking with a journalist armed with notebook and pen, he remains charm personified, promising to “kidnap the young lady for a coffee”, before adding, almost apologetically, that he “will not talk about companies”.
The companies that Jagtiani alludes to are a reference to his US$20 billion (£11.62 billion) war chest set aside to acquire UK and US retail assets. He is also referring to the press coverage that stakebuilding in businesses in both countries has generated.
A school dropout and one-time London cab driver Jagtiani has, from humble beginnings, built a retail empire spanning 825 stores in 10 countries in the Gulf, India, Spain and China.
He has amassed stakes in UK department store group Debenhams and declared an interest in making a joint takeover bid for US department store chain Saks with retail investor Baugur. He says he would like to create “the Neiman Marcus of the Middle East and North Africa”, but does not elaborate further.
He is a far cry from his former 17-year-old self with a penchant for cigarettes and alcohol, who squandered the family savings after flunking out of accounting school in London.
He rejoined his family in the Gulf – where they had emigrated to from India – in 1972 to a series of life-altering events. His elder brother died, followed by his father a few months later and his mother the following year. Jagtiani was an orphan at 21 years old.
Using a US$6,000 inheritance (£3,486), he opened a childrenswear store called Babyshop in Bahrain in 1973. Some 35 years later, he is a self-made billionaire.
In the year to June this year, he says profits at Landmark rocketed 29 per cent and sales jumped 36 per cent to US$3 billion (£1.74 billion). He intends to grow both by another 40 per cent this year. Jagtiani will invest US$500 million (£290.5 million) in India over the next two years and will raise capital through IPOs in the next three years in Saudi Arabia, India and Dubai.
“I don’t know how I did it or why, but it is working,” he says, seeming far from the ruthless businessman one might expect in his position.
He is apologetic about the hindrance a vertebrae injury has on his mobility and listens intently to everyone who stops him at the conference – and there are many keen to ingratiate themselves with the man who has signed franchise deals with retailers such as New Look, Kurt Geiger and Reiss.
Jagtiani has plans to open 50 stores in India. However, he confides that “a lot won’t materialise”, using self-deprecating wit to inform his audience that he has had to have “deep pockets and deep patriotism” to be successful in India. One key retailer with a presence in the country jokes that perhaps he is only saying this “to keep the opportunities for himself”.
Jagtiani also plans to extend his empire into Egypt, Lebanon and Syria and will “buy up companies that we can take as franchises to the markets”, he says.
When asked which retailers he most admires, he answers Abercrombie & Fitch; he also displays an obvious admiration for Primark and New Look. He quickly bats the question back to the source, keen to hear other people’s thoughts.
Then, changing tack, he says: “I would like to teach poor people in India to speak English.” Indeed, Jagtiani’s philanthropic ventures in India are numerous and growing.
It is impossible not to warm to the tycoon, but beneath his demeanour there is a shrewd business brain focused on future opportunities.
“Some people buy expensive cars or houses,” he says. “I’d much rather invest in retailers.”
The man and his business
Age: 56
Family: married, with three children. Jagtiani’s wife Renuka runs fashion fascia Splash
Micky Jagtiani’s Empire
The retail group has 825 stores with 10 million sq ft of retail space in 10 countries, including the Gulf states, India, China and Spain
Fascias include department store Centrepoint, which brings together the brands Babyshop, Shoe Mart, Splash and Lifestyle; value retailer Max; electronics brand Emax; household furniture retailer Home Centre; and upmarket furnishings brand Unique
In India, Spain and China, it also operates Landmark International, Spar Hypermarkets, Fun City and Food Universe
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