Renuka Jagtiani Is Building On The Legacy Of Her Late Husband, Retailing Billionaire Mickey Jagtiani, At Landmark Group

This story is part of Forbes’ coverage of India’s Richest 2023. See the full list here.

Amid rising oil prices, consumption is booming once again in the Middle East. Looking to cash in is Landmark Group, a Dubai-based retailing giant, chaired by Renuka Jagtiani. Landmark says it’s planning to add hundreds of stores over the next few years in its key markets in the Middle East, India and Southeast Asia.

With 2,200 stores across 21 countries, Landmark is best known for its homegrown brands, such as clothing and footwear retailer Max, home furnishing chain Home Centre and Babyshop, which sells children’s products. It also has a thriving hospitality business, which includes Citymax, a chain of budget hotels and restaurants.

The group was founded by Jagtiani’s husband, retailing stalwart Micky Jagtiani, who died in May at age 71 after a prolonged illness. Jagtiani joined Landmark in 1993 and made her mark with Splash, a fast-fashion business that has now grown to more than 200 stores in 11 countries in the Middle East and Africa. In 1999, she helped set up the India business, which today has 900 stores across five formats, including Lifestyle, a department store chain, Home Centre and Max. In 2017, Jagtiani became chairwoman and CEO but stepped down from the latter role last year.

Landmark’s roots go back to 1973, when Micky Jagtiani set up a baby products store in Bahrain targeted at South Asian immigrants. He moved to Dubai in 1992. “Micky Jagtiani stood out because he built his own brands, and very profitably at that,” says Arvind Singhal, chairman of Gurgaon-based retail consultancy Technopak.

Jagtiani, who debuts on the list at No. 44 with a $4.8 billion fortune inherited from her husband, has positioned the next generation to ensure that her own succession is smooth. Her three children—Aarti, Nisha and Rahul— are group directors overseeing different aspects of Landmark.