LULU GROUP: SUCCESS REDEFINED
Yusuf M. Ali, the retail king of the Middle East, has scripted an admirable and inspiring success story among Indian-origin businessmen. He presides over $8.4-billion LuLu Group International, with more than 250 hypermarkets and malls spanning across 25 countries.
Although Yusuf M. Ali's story may be similar to that of many other successful immigrants who arrived on their tryst with life to live in an almost barren early 1970's UAE, what made him stand apart is the continual evolvement of his business and consistent progress it made over the decades. He has built a conglomerate with operations not only in Dubai and other Emirates of the UAE, but he has also expanded and diversified the business, which now spans across the Gulf Cooperation Council (GCC) countries. In the late 1990s, the LuLu Center department stores were launched. Thereafter, the group expanded to other countries in the Middle East. Lulu Group's first hypermarket store was opened in Dubai in 2000. With this launch, the group embarked on its ambitious and aggressive expansion plan. It soon grew into a chain, with a number of outlets across the UAE, Kuwait, Qatar, Saudi Arabia, Bahrain, Oman, and Yemen.
The ever-smiling and down-to-earth gentleman is always available to his employees and others for counsel and help. He patiently lends his ears to whoever approaches him with any problem: he would not send back empty-handed those who seek his help. Being a philanthropist he has been supporting those who undertake social, charitable and humanitarian activities.
Visit To Alma Mater
In August 2023, Yusuf Ali visited his alma mater, St. Xavier's High School in Karanchira, Kerala. He had the opportunity to meet with his friends over 50 years after he graduated from the institution. After arriving for the reunion in his personal helicopter, he travelled to the school in his white Range Rover. He was accorded a red-carpet welcome and was first greeted by his teachers. As a token of appreciation he was wrapped with a silk shawl.
Thereafter, Yusuf Ali visited his classroom to the thunderous applause of people. He spoke and interacted with his former batchmates, and to their surprise he remembered many of them by name. Thereafter, they recreated and relived their school days by squeezing themselves into the wooden benches and sitting at the tables laid out in the classroom. He was exhilarated to see his classroom 10-B. And he recited a poem by Malayalee poet Changanpuzha along with his old classmates.
Yusuf Ali met a few teachers whose hands he kissed lovingly telling them how they had taught him a lot, particularly sharpening his calculation skills. Then it was time for celebration: he cut a cake and fed a piece to his favourite teacher and kissed her hand in utmost respect and humility. Before leaving his alma mater, he donated Rs 44 lakh to the institution.
Tops The Forbes List
Recently, Yusuf Ali topped the Forbes list of the richest Malayalee businessmen in the Gulf. He was ranked the top performer among other five contemporary Malayalee businessmen: Ravi Pillai, Sunny Varkey, Kris Gopalakrishnan, Azad Moopan, and P.N.C. Menon. As per Forbes World Billionaire 2024, Yusuf Ali tops the American magazine's list of billionaire Malayalees. Fourteen Malayalees made it into the prestigious list. An unprecedented 2781 billionaires across the globe made it onto this year's list, with 141 more entrants than in 2023 and 26 more than the previous record set in 2021.
Here are the top 14 Malayalees on the Forbes World's Billionaires 2024 list:
1. M.A. Yusuf Ali $7.6 billion (Rs 63,080 cr).
2. Joy Alukkas $4.4 billion (Rs 36,520 cr).
3. K. Gopalakrishnan $3.5 billion (Rs 29,050 cr).
4. Shamsheer Vayalil $3.5 billion (Rs 29,050 cr)
5. Ravi Pillai $3.3 billion (Rs 27,390 cr).
6. Sunny Varkey $3.3 billion (Rs 27,390 cr).
7. T.S. Kalyanaraman $3.2 billion (Rs 26,560 cr).
8. P.N.C. Menon $2.8 billion (Rs 23,240 cr).
9. S.D. Shibulal $2 billion (Rs 16,600 cr).
10. K. Chittilappilly $1.6 billion (Rs 13,280 cr).
11. Sara G. Muthoot $1.3 billion (Rs 10,790 cr).
12. George A. Muthoot $1.3 billion (Rs 10,790 cr).
13. George T. Muthoot $1.3 billion (Rs 10,790 cr).
14. George J. Muthoot $1.3 billion (Rs 10,790 cr).
Foray Into India
LuLu Group set up its first mall in India back in 2013 in Ernakulam, Kerala. LuLu Mall was one of the largest malls in India until the group opened its largest mall, Lulu Mall, in Thiruvananthapuram in December 2021. According to sources, as of mid-2022, LuLu Group has more than 200 LuLu Hypermarkets in the GCC, seven in India (Kochi, Bangalore, Lucknow, Coimbatore, Thiruvananthapuram, Palakkad and Hyderabad), and four each in Malaysia and Indonesia. Lulu Group has half a dozen other operations in India, such as the LuLu Cyber Tower in Kochi, LuLu Fashion Center in Thrissur, two Marriott Hotels and Resorts in Kochi, two LuLu International Convention Centre in Thrissur and Kochi, one Grant Hyatt Hotel Kochi, and two Hyatt Regency in Thiruvananthapuram and Thrissur. The group has heavily been investing in Bengaluru, Chennai, Bhubaneswar, Hyderabad, Lucknow, Kozhikode and Thiruvananthapuram. New malls are being built in Kozhikode, Kottayam, Tirur, Ahmedabad, Chennai and Varanasi. LuLu Group also has plans to construct malls in Prayagraj, Madhya Pradesh, Rajasthan, Delhi, and a hypermarket in Perintalmanna, Kerala. Also, a food processing unit is being constructed in Greater Noida.
With its headquarters in Abu Dhabi, UAE. LuLu Group is a trendsetter in the Middle East and North Africa region. As per estimates, the company also operates hypermarkets and supermarkets in Egypt, Indonesia, and Malaysia. The group has around 65,000 employees working in 42 different countries.
High Networth And Retail Outlets
Retail king of the Middle East Yusuf Ali presides over $8.4-billion LuLu Group International. In April 2020, a member of Abu Dhabi's royal family reportedly acquired a 20% stake in LuLu Group for $1 billion. Reportedly, the group has recently invited banks to pitch for roles on a potential initial public offering that could raise at least $1 billion. As per media reports, plans are afoot for a dual listing in Riyadh and Abu Dhabi exchanges.
LuLu Group Assets
LuLu Group's other assets include the Waldorf Astoria in Scotland and the Great Scotland Yard Hotel, the former headquarters of the UK Metropolitan Police. Among his personal collection, he has a number of expensive wrist watches, including two pieces that cost around Rs 2 crore and Rs 6 crore. He also owns a 14-seater private jet, reportedly valued at Rs 200 crore, and a 7-seater helicopter with an estimated value of Rs 100 crore.
Investments
Yusuf Ali has shares in several banks based in Kerala. The investment is reportedly close to 5%, the maximum permissible limit by the Reserve Bank of India. Moreover, he has been backing robust state-based companies. He owns around a 10% stake in Cochin International Airport Ltd. He is the biggest NRI investor in Kannur International Airport Ltd. He also owns a 17.02% stake in INKEL, a public-private partnership undertaking promoted by the Kerala government.
Financials
As per a media report, LuLu Group's net revenue expectations for 2024 is in the range of $10.700 billion to $10.800 billion, representing a growth rate of 11-12% or 10-11% (excluding the 53rd week of 2024). It expects an operating margin for the year of about 23.3%.
Awards And Accolades
Here is a small list of top awards and honours, among a dozen others, Yusuf Ali has received for his invaluable contributions:
1. Received Top Civilian Honour from Abu Dhabi Crown Prince H. H. Sheikh Mohammed Bin Nayan in 2021.
2. Honoured with Queen's Prestigious Award in 2017.
3. Bagged the prestigious Arab Business Leader of Year 2012 award.
4. Received Swiss Ambassador's Award in 2012.
5. Honoured with Padma Shree Award by former Hon. President of India Mrs. Pratibha Patil in 2008.
6. Received the Asian Business Leader of the Year Award 2007 from UAE Minister for Energy H.E. Mohammed Bin Dha'en Al Hameli.
Charity And Philanthropy
Yusuf Ali is a huge supporter of social, charitable and humanitarian activities both in India and abroad. He is well-known for his philanthropy across the world. As part of its Global Corporate Social Responsibility policy, LuLu Group has joined hands with Dubai Cares and adopted schools in Gaza and Nepal. A notable contribution to society is the opening of a sprawling multi-faith funeral centre for the Indian community in Sharjah. He donated large amounts to the Gujarat earthquake victims, and contributed to Tsunami Relief Fund in Asia, typhoon and flood relief in other parts of the world.
When his native Kerala State was devastated by the massive flood in 2018, he donated Rs 9.5 crore for relief and rehabilitation of victims. He is also actively involved in ensuring the social, economic and religious welfare of expatriate Indians in the Persian Gulf region. He played a major role in finding land for the Christian community in the region to build churches, and secure cremation grounds for Hindus in the Gulf. Moreover, he extended help to Indians during the amnesty period in the Gulf when hundreds of Indians lost their livelihood. He rehabilitated people who lost their livelihood in a blaze that partially destroyed the Kozhikode market.
Numerous stories are narrated of Yusuf Ali rescuing people from financial bankruptcy, helping the sick and dying with their hospital expenses, and providing employment to hundreds who seek him. While Yusuf Ali is well-known for his entrepreneurship and business acumen, he is the epitome of benevolence, compassion and charity.
(Photo: Courtesy LuLu Group)
(Concluded)
TRAILBLAZER
Atul Kocchar: Chef Extraordinaire
Have you ever pondered why some food is so irresistible? It's a combination of factors that stimulate our senses. Atul Kocchar, London-based Michelin-Starred chef extraordinaire, has won many hearts of food lovers.
To cook delicious and healthy food it takes a lot of effort. Every aspect, from the presentation on the plate to the aroma, flavors and textures in our mouths, contributes to our satisfaction. A skilled culinary arts professional understands the importance of presenting food in an attractive and appetizing manner. When someone thinks of culinary arts, the mind immediately conjures up an image of a chef in a restaurant cooking up delicious meals. Among culinary art professionals a name that stands apart and atop the list of chefs is Atul Kocchar, two-time Michelin-starred Indian chef based in London.
Hailing from Jamshedpur, India, Atul Kocchar began his career at the prestigious The Oberoi group of hotels in India, where he was the sous che, leading a team of 18. His natural talent for cooking and dedication helped him to rise through the ranks in a short span of time. Soon he secured his diploma in Hotel Management, and moved to the Hilton group to work under the guidance of renowned chef Bernard Kunig.
In 1994, Atul Kocchar was given the opportunity to lead and set up the Tamarind restaurant in London. Drawing inspiration from his native India, Atul combines his heritage with his love of British ingredients to create modern Indian cuisine. While associated with the Tamarind restaurant in 2001, he received his first Michelin star: the accolade that is much coveted by chefs around the world. Michelin stars are awarded to restaurants judged to be of a particularly high standard. Restaurants are graded according to the stars: one, two or three stars.
Atul Kocchar's enterprising spirit led him in 2002 to open his own restaurant, Benares. This restaurant in London’s Mayfair earned him a second Michelin star in 2007. After running his restaurant successfully for a decade, he developed Atul Kochhar Hospitality Group and his catering company, AMOD Events in 2018. The fact that Atul Kocchar was born in east India, raised in the north and studied in the south contributed to diversity in his style of cooking. Speaking on a television program, he once said: "I migrated from either being tandoori food or curry to being Indian cuisine. I began to draw inspiration from Kerala, Chennai, Mumbai and Calcutta. I would think of a classic dish and imagine 'if I was eating Kerala fish curry, what else would I be eating with it?'"
Today, Atul Kocchar is a recognisable face of modern Indian cuisine on television, in print media, at festivals and on radio. His innovative views on food continues to provide inspiration for the public through regular TV appearances, including BBC’s Great British Menu, BBC’s Saturday Kitchen, James Martin's Saturday Morning, Yes Chef, Curry On, and The Chef.
With the Michelin-star award comes great responsibility, because, according to Atul Kocchar, people will look up to you. You have to play your role very sensibly, as you will be inspiring generations. With recipes, restaurant reviews and interviews featured internationally in print and online, he continues to win accolades. He has also written a number of popular cookbooks, including Fish, Indian Style (2008), Atul's Curries of the World (2013), Benares: Michelin Starred Cooking (2015), Simple Indian (2016), 30 Minute Curries (2017), and Curry Everyday (2022).
The upcoming issue will feature other Toptnotch Businessmen of Indian descent. Read stories of ordinary Indians who are renowned abroad for their extraordinary entrepreneurship and business innovations.
(Photo: Courtesy Culinary Arts)
SMART TECH
TapXR Wrist-Wearable Keyboard
It's time to go hi-tech with the TapXR wrist-wearable keyboard, which replaces traditional keyboards, mice, and controllers. From creating digital art to producing music, TapXR can adapt to the needs of users by making every interaction intuitive and efficient. The TapXR gadget offers advanced typing capabilities for one-handed operation on any surface. It has an intuitive navigational control, which provides effortless navigation and control. Designed for art and music production, it can simplify complex shortcuts while elevating creative and musical performances with ease. Thanks to its broad compatibility, it can be operated seamlessly with tablets, PCs, smartwatches and any digital audio workstation. Its lightweight and portability allows for powerful command anywhere you go to work with utmost efficiency. Price: $199.
Vasco Instant Translator, Learning Tool
You can explore, speak and learn with the Vasco Translator V4. A useful tool for businessmen, travellers and students studying abroad, the Vasco Translator V4 instant translator overcomes language barriers. As it offers universal coverage, you may enjoy the freedom of speaking and understanding up to 108 languages, with translations that sound like you are a local. It comes with a pre-installed SIM, with free and unlimited connectivity worldwide. It is a durable and user-friendly device, with a 5-inch touchscreen for smooth navigation. You have the option for traditional button use in demanding environments. Built to be shock-resistant and splashproof, it has extended battery life, with up to 180 hours on standby and 4-5 days of typical operation. It's an indispensable tool and a reliable companion on long trips without the need for frequent recharges. It's not merely a translator but also an interactive learning tool, which helps you learn new languages through an intuitive app. You can practice vocabulary and pronunciation in 28 different languages. Price: $389.
TapXR Rabbit R1 AI Assistant
Launched a few days ago, the pocket-sized TapXR Rabit R1, dubbed the AI assistant of the future, promises to enhance your digital life. Buyers are lauding its personalized operating system, which responds to your every command through intuitive voice controls. Its ingenious push-to-talk button reminiscent of a walkie-talkie, allows users to effortlessly manage their apps using custom scripts, or 'rabbits,' without fumbling for their smartphone. Navigating the 2.88-inch touchscreen is easy, with its analogue scroll wheel. Its game-changing 360-degree rotating camera can capture photos from every conceivable angle. As per sources, 10,000 units were sold within 24 hours of its launch Price: $200.
Philips Palm Recognition Lock
With the growing necessity for home security, Philips has introduced its first palm recognition smart lock. The 5000 Series Palm Vein Recognition Smart Lock was launched 4th July. The Smart Lock works by recognising individuals based on unique palm vein patterns and can be integrated with most smart home systems. After launching two successful smart locks in recent months, it has unveiled the 5000 Series Palm Vein Recognition Smart Lock, which is designed to help homeowners secure their properties while maintaining strong standards of home protection and convenience. Price: $360.
(Photos: Courtesy Company Brochures)
EXPAT TIDBITS
New Car Market In Dubai
The Dubai Municipality and DP World together have chalked out plans to what the Emirate hopes to be the largest and most advanced car market in the world. The Dubai Car Market, spanning 20 million sq ft, will soon be developed and will cater to both expatriate and emirati auto enthusiasts across the UAE. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, directed the development of the Dubai Car Market. The initiative aims to consolidate Dubai’s position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector.
Indian IT Sector Contributes $80 Billion To US GDP
Recently, Shivendra Singh, Vice President of the National Association of Software and Service Companies (NASSCOM) stated that the Indian IT sector contributes around $80 billion to the US GDP, which is more than the GDP of several US States. The Indian IT sector employs more than half a million high-value addition jobs. The most important contribution, though difficult to quantify, is that the Indian tech industry, which works with more than 90% of the Fortune 500 companies. Singh made the remarks at an event organized on July 1 by the Consul General of India in Chicago titled ‘IT and ICT Industry in India: Innovation, Growth and Opportunities’. The session was attended by about 60 representatives from the business community.
Indian-American Lawmakers Express Optimism
On the occasion of 248th US Independence Day, Indian-American lawmakers took to social media to share their thoughts and wishes. Their messages reflected on the nation's founding principles and the ongoing quest for a more perfect union. Congressman Ro Khanna expressed his optimism and appreciation for the nation’s values. "Today, we celebrate all things that we love about America, our founding principles of freedom and equality, our quest to become a more perfect union. I am still so hopeful about America's promise," Khanna stated. He also saluted the men and women in uniform who protect the nation's freedoms, emphasizing the collective effort required to shape America's future.
Growing Importance Of Indo-Australia Tieup
Currently, Australia is in the process of deepening and widening its ties with India. By expanding collaborations beyond trade and planning to explore bilateral ties across a wide range of mutual interest areas, Australia is looking for better trade relations. India is Australia’s sixth-largest trading partner with two-way trade in goods and services valued at $48 billion (AUD) in 2022. The recent Economic Cooperation and Trade Agreement (ECTA) eliminated tariffs on most of the critical minerals needed for solar panels, electric cars, wind turbines, mobiles, and more. Australia is committed to supporting a strong economy, resilient society and sustainable environment.
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