Meet man who built clothing brand with Rs 95000, now Rata Tata's company wants to buy it for Rs 17000 crore, he is from

John Bissell, an American from Hartford, came to India in 1958 on a two-year Ford Foundation grant to advise the Central Cottage Industries Corporation on exports. However, captivated by India's rich culture and heritage, Bissell decided to stay. Utilising Rs 95,000 from his grandmother's legacy, he founded Fabindia in 1960, operating initially from two small rooms in his home.

Bissell travelled extensively across Indian villages, seeking skilled weavers. His search led him to AS Khera, a home furnishing manufacturer in Panipat, who became Fabindia's first supplier. By 1965, Fabindia generated Rs 20 lakh in revenue. However, the company faced a major challenge during the Emergency in 1975, when home-based commercial operations were restricted, necessitating a strategic pivot.

In 1976, Fabindia opened its first retail outlet at Greater Kailash in Delhi. By 1994, Fabindia had opened a second outlet in Delhi and reached annual sales of Rs 12 crore. 

As a philanthropist, he established The FabIndia School in 1992, focusing on children's welfare and education in India.

Fabindia's growth attracted significant investment, including Rs 110 crore from Premji Invest, valuing the company at Rs 1,500 crore. The brand went global, opening stores in Singapore, Bhutan, Dubai, Italy, Nepal, Malaysia, and Mauritius. By 2016, Fabindia's worth had soared to Rs 5,397 crore. Today, the company generates Rs 1,668 crore in revenue, employs 55,000 artisans, and operates over 400 stores. This remarkable growth has attracted the attention of Tata, who is now interested in acquiring Fabindia.

The Tata Group is reportedly in talks with Fabindia's promoters and shareholders regarding a potential stake or outright acquisition. This acquisition could be valued lower than the USD 2.5 billion (Rs 17,000 crore) estimated during Fabindia's now-abandoned initial public offering. For Tatas, acquiring Fabindia would strategically complement their existing portfolio in the ethnic wear market, which includes brands like Westside, Zudio, and Utsa.