Hemchandra Javeri, chief executive officer, Home Solutions Retail India Ltd, the home furnishing and electronics retail arm of Future Group, has quit the company within less than a year of joining it, even as it is reported to be set for an organisational restructure with Kishore Biyani working on its ‘management integration’ with hypermarket chain Big Bazaar.
Confirming this, Javeri said: “Future Group is working on certain management integration, and I have decided to move on. However, my parting of ways with Mr Biyani is absolutely amicable.” Incidentally, the development comes amid speculations on Big Bazaar being spun off as a separate company, with possible listing plans.
However, E-Zone and Home Town will retain their retail identities, while other formats are being merged with Big Bazaar. “Home Town and E-Zone will continue to be under Home Solutions. We are looking at integration wherever possible to cut costs,” informed Kishore Biyani, founder and CEO of Future Group.
Home Solutions is believed to be the fastest-growing arm of Future Group over the last one year. The company had projected a $1-billion revenue target by 2011 and indicated plans for a possible IPO.