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DMart's Architect: The Billionaire's Low-Key Success
13 Jan
Summary
- Damani built a $15.6 billion retail empire with a patient, discipline-first strategy.
- He weathered market volatility, including the Harshad Mehta era, to amass capital.
- DMart stores focus on low prices and efficiency, not retail spectacle or leasing.
Radhakishan Damani, once a college dropout and trader, has meticulously constructed a retail empire valued at $15.6 billion. His journey with Avenue Supermarts and DMart is defined by a 'patience-first' strategy, emphasizing discipline and conviction over rapid expansion. Damani learned market dynamics the hard way, trading and short-selling, notably profiting from the collapse of the Harshad Mehta boom in the early 1990s. This period provided him with capital and perspective.
Transitioning from trading to long-term investing, Damani favored unglamorous but dependable consumer staples companies. His early successful investments include HDFC Bank and CRISIL, demonstrating a keen eye for long-term value. In 1999, a brief foray into retail via a franchise revealed the need for ownership and systemic control, leading him to establish the first DMart store in Powai, Mumbai, in 2002.
DMart's growth was intentionally slow, prioritizing buying land over leasing and focusing on operational efficiency and everyday low prices. This model, combined with prompt vendor payments, created a sustainable business. Avenue Supermarts' IPO in 2017 was met with significant investor enthusiasm. By late 2025, DMart operates hundreds of stores, maintaining Damani's low-key, deliberate approach to business and life.
