William Bissell has an audacious plan to spur the retailer's expansion, but there's concern that it may come in the way of doing good for the artisans
In 1993, while holidaying in Australia, William Bissell once ran into an experienced surfer who shared an invaluable lesson with the 27-year-old. Don’t just surf the course, but keep a constant watch on where the next wave is coming from, he advised him.
Bissell, 45, hasn’t forgotten that incident. Over the next few months, Bissell’s balancing act will be tested as he prepares to navigate the next wave that’s about to strike Fabindia, the incredibly successful retail business that his father John started to built way back in 1960. It wasn’t until William took over the reins in 1999, that Fabindia started to go places.
Today, Fabindia is considered one of the most profitable retailers in the country. It earns a net margin of 8 percent, nearly three times more than the industry average, evoking the envy of every rival. What’s more, under Bissell’s leadership, Fabindia has almost singlehandedly built a network of a rapidly vanishing breed of handloom weavers and artisans, which in turn supply handicrafts to a loyal set of city folk across India’s 35 top towns through its network of 144 stores.
Revving Up
(This story appears in the 04 November, 2011 issue of Forbes India. To visit our Archives, click here.)