WHEN SHASHWAT GOENKA joined the $4.6 billion empire (RP-Sanjiv Goenka Group) a decade ago, the intent was to give a facelift to the over 200-year-old legacy business by foraying into new-age consumer-centric categories. When he joined, the group’s only new-age consumer business, Spencer’s Retail, was in choppy waters. After growing Spencer’s to ₹2,485 crore business, he has assumed charge of the group as its vice chairman.
In retail, he has been focusing on luxury food retail with Nature’s Basket Artisan Pantry. Food retail is a tough business where most retailers have burnt fingers. Goenka says Nature’s Basket Artisan Pantry stores have broken even in second month of operations. “Most of our other formats take three quarters to break even,” he says. The format promises gastronomic experiences from across the world—The Cheese Room, where consumers can taste artisanal cheese from around the world, Spice Souk, inspired by the spice market in Turkey, and Nibbs, a live artisanal chocolate brand.
Goenka has also taken charge of the sports business. While ₹7,000 crore investment in Indian Premier League’s Lucknow franchise is most talked about (most expensive IPL team), RPSG’s first brush with sports was when it bought football club ATK Mohun Bagan in 2017. It is now one of the franchises of the Indian Super League (ISL). While most ISL teams are making losses of ₹30-35 crore, Goenka says ATK Mohun Bagan is close to breaking even. He expects profitability in IPL franchise too. “We will start making money less than three years from now,” he says. Goenka sees a huge advantage in being part of a legacy conglomerate. “It enables you to create new legacies.” — Ajita Shashidhar