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Thursday, June 13, 2024

Landmark Group Mourns the Loss of Founder Micky Jagtiani


Prominent businessman Micky Jagtiani, the founder of the retail giant Landmark Group, has passed away, announced the company on Friday. In an emailed statement, the Landmark Group expressed its condolences, stating that Mukesh “Micky” Jagtiani peacefully passed away, surrounded by his loving family. Originally from India, Jagtiani established the business in 1973 with a single store in Bahrain and expanded it into a conglomerate spanning the Middle East, Africa, and India.

Headquartered in Dubai, the Landmark Group operates various well-known brands such as Babyshop, Centrepoint, Home Centre, Lifestyle, Splash, Shoemart, and Emax. The news of Jagtiani’s passing prompted an outpouring of tributes, with Emirati businessman Majid Saif Al Ghurair tweeting, “Today Dubai lost a man who was a key player in the retail and real estate industry. Micky Jagtiani, the founder of Landmark Group, has passed away.”

Local media reports indicate that Jagtiani was 70 years old at the time of his demise. Starting his empire in 1973 with a baby item store in Bahrain, the billionaire businessman expanded his business exponentially over the years, amassing over 50 brands, including Babyshop, Splash, Home Centre, Centrepoint, Shoemart, Emax, and more.

Jagtiani leaves behind a significant legacy in the business world, with a net worth of $5.2 billion. His wife, Renuka Jagtiani, currently serves as the Chairman and CEO of the Dubai-based firm. Landmark Group operates an extensive network of 2,200 stores across 24 countries, covering regions such as the Middle East, Africa, Southeast Asia, and the Indian subcontinent.

Survived by his three children and spouse, all of whom hold significant positions within the group, Jagtiani’s Landmark Group made its foray into India in 1999 with the opening of the inaugural Lifestyle store in Chennai. Since then, it has grown into one of India’s largest retail and hospitality conglomerates, with a strong presence of over 630 stores in 145 cities, encompassing a retail space of 9.4 million square feet. The group houses multiple renowned brands, including Babyshop, Splash, Max, Lifestyle, Home Box, Shoemart, Homecentre, Steve Madden, Easy Buy, and more.

Born in Kuwait in 1952, Jagtiani attended schools in India and Beirut before moving to London to pursue accounting studies. He started his career in humble circumstances, working as a hotel cleaner and an unlicensed taxi driver, far removed from the life of wealth and empire he would later build. Following a family tragedy, Jagtiani relocated to Bahrain to take over his brother’s shop, which marked the humble beginnings of what would eventually become the Landmark Group—one of the most influential and renowned retail groups in the Middle East.

The passing of Micky Jagtiani is not only a loss to the Landmark Group but also to the business community at large. His entrepreneurial spirit, vision, and commitment to excellence have left an indelible mark on the retail industry, transforming the landscape of shopping experiences across multiple countries.

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