Kishore Biyani's Daughters Return To Retail Sector With 'FoodStories' Concept
They return to food retail nearly after a year of Foodhall, their previous venture, shutting down due to insolvency proceedings against its parent company, Future Group.
Avni Biyani and Ashni Biyani, daughters of retail mogul Kishore Biyani, are returning to food retail with the launch of their new superstore — Foodstories. The sister duo is making a comeback in the food retail sector nearly a year after their previous venture, Foodhall, was forced to shut due to insolvency proceedings against its parent company, Future Group.
The new gourmet food and experiential retail store would be modelled on the Foodhall concept. The first outlet will come up in New Delhi’s Ambience Mall this month, according to its social media post. Foodstories will also launch an app and website later this year.
Biyani's Foodstories will directly compete with the likes of RP-Sanjiv Goenka Group's luxury food retail format, Nature's Basket Artisan Pantry; Reliance Retail's Freshpik and Foodsquare run by entrepreneurs Mayank Gupta and Lalit Jhavar.
The venture will be backed by the investment management arm of Narotam Sekhsaria — Narotam Sekhsaria Family Office, two people aware of the matter told NDTV Profit. NSFO was one of the early-stage backers of Nykaa and ESAF Small Finance Bank. Sekhsaria, a doyen of the cement industry, is better known as the founding promoter of Ambuja Cements.
The 10,000 square feet store will offer all things premium such as handcrafted cheese, specialty cold cuts, beverages, gourmet chocolates, imported dry fruits, spices, gluten-free breakfast options, farm-fresh fruits and vegetables, and more — catering to an upwardly mobile segment.
To supplement this and add to the customer experience will be an in-store dining cafe.
"We are trying to create an environment that probably India has never seen before," according to Avni Biyani. "The endeavour is to create a space that both kids and adults can relate to."
The sisters' return coincides with an increasing demand for high-end lifestyle food in the country. Affluent consumers are looking for quality food experience, too, prompting a host of international and domestic players to tap this market.
While there is no official estimate on India's premium gourmet market size, the opportunity of gourmet foods in the country is estimated over Rs 6,000 crore by sectoral watchers.
Additionally, the Biyani sisters co-founded Think9 Consumer Technologies, a multi-brand platform across categories like fashion, food and wellness, beauty, consumer goods. It builds brands that connect to the new generation of consumers, but has not made any acquisitions yet. Currently, it houses 10 digital-first brands including Italian snacking brand Sorrentina, men's apparel brand Kingdom of White, wellness brand The Good Bug, and personal care brand Neude Skin.
"We focus on converging content, and community with commerce to build brands faster and better," according to its website.
