From Uniqlo's global dominance journey to the evolution of GenAI, our top stories of the week

In this week's newsletter, read more about the lessons CK Venkataraman, MD of Titan Company, learned in the trenches, the effects of Raymond Lifestyle listing, highlights from GFF 2024, and Ricky Kej's creative process

By Forbes India

Published: Sep 7, 2024 10:00:00 AM IST

Updated: Sep 6, 2024 04:52:38 PM IST

1) Story of global dominance

Tadashi Yanai, chairman, president & CEO, Fast Retailing; founder, UNIQLO

Fifty-two years ago, Tadashi Yanai took charge of his father's clothing chain—Ogori Shoji—which had a handful of stores in Yamaguchi and Fukuoka Prefectures in southern Japan. He didn't anticipate that one day his business, which is now known as Fast Retailing—the parent company of high-street fashion brand Uniqlo—would become a $20 billion giant, a dominant presence in global fashion, appoint tennis legend Roger Federer as its brand ambassador, and make Yanai Japan's richest person with a net worth of $38 billion. This is the story of Uniqlo's birth and its global dominance journey.

2) Future of the new-kid-on-the-block

Gautam Singhania, chairman and managing director, Raymond Group. Image: INDRANIL MUKHERJEE / AFP

Textile giant Raymond Group recently listed Raymond Lifestyle on the BSE at Rs3000 per share. It is part of the 100-year-old parent company's revamp plan that will split its focus into three significant businesses: Apparel, real estate, and engineering. Gautam Singhania, chairman and managing director of Raymond Group, said that he is delighted and proud of the demerger and that the core of this move is value creation for the shareholders. The company has turned around from a Covid setback and is streamlining its business. But do shareholders believe in the future of 'The Complete Man' maker's strategy? Here's a detailed analysis of what it means for the shareholders.

3) Global Fintech Fest: Highlights

RBI Governor, Shashikanta Das at the three-day Global Fintech Fest (GFF) 2024' Image: Niharika Kulkarni/NurPhoto via Getty Images

The three-day Global Fintech Fest (GFF) 2024—which ended on August 30 and was jointly organised by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI) and the Fintech Convergence Council (FCC) exhibited several firsts—there was an innovation booth set up by regulator, Reserve Bank of India, itself! It was probably for the first time since its existence that central bank personnel were available and ready to talk to fintechs, banks, and whoever was keen. GFF 2024 had more than 800 speakers, 350 sessions and delegates from over 100 countries. The fest stirred conversations about regulations, collaboration with old-economy lenders, and disruptive innovation in the era of aggressive credit lending. Here are the essential highlights from the fest.

1) Romesh Wadhwani on the evolution of GenAI

Romesh Wadhwani, chairman and founder of SAIGroup. Image: Timothy Archibald

Romesh Wadhwani obtained a BTech degree from IIT-Bombay and then moved to the US in 1969 to get his master's—followed by a PhD—in electrical engineering from Carnegie Mellon University. He always wanted to start his own company, and that determination has made him one of the Silicon Valley tech leaders, and worth $5 billion. Being part of that San Francisco environment, the chairman and founder of investment firm SAIGroup had a front-row seat to witness five generations of artificial intelligence (AI) evolve and improve capabilities with each level. “Our yearly disruptive technology review has turned weekly now. It is impossible to keep up with fast-moving technology. But we do the best we can,” says Wadhwani. The tech billionaire gives insights into his reading of GenAI hype, the need for regulations in the ecosystem, and threats from AI.

2) Business lessons from trenches

CK Venkataraman, MD, Titan Company

What does it take to build an iconic jewellery brand for the ages? CK Venkataraman, the managing director of Titan Company, attempts to answer this question in his new book, The Tanishq Story. It is an insider’s account of the people, ideas, situations and challenges that went into building one of India’s biggest jewellery brands. On the latest episode of From the Bookshelves of Forbes India podcast, Venkataraman, a Titan lifer, gets candid about missteps in building the company, why his self-identity does not come from his job, and why philanthropy is on his mind as he retires in 15 months.

3) On creating from the heart

Ricky Kej, musician and environmentalist

The Recording Academy, which gives away the prestigious Grammy Awards, defines New Age music as "generally ambient, exploratory and journey-like in nature, welcoming dissonance and consonance alike." According to the Academy, this genre of music reached the mainstream in the 80s. The genre has given the world legendary artists such as Enya, Yanni, Jon Batiste, and India Arie. But there is also a desi name on this coveted list. Ram Gyan Kej, better known as Ricky Kej, is a three-time Grammy-winning music composer, songwriter, and record producer who has given albums such as Winds of Samsara and Divine Tides. In a candid conversation with Forbes India, Kej offers insights into his journey, creative process, inspirations, and making music with a purpose.

4) World Charity Day 2024

Image: Sonu Mehta/HT via Getty Images

The International Day of Charity was instituted to commemorate the anniversary of the passing away of Mother Teresa for work undertaken selflessly in the struggle to overcome poverty and distress. On this International Day of Charity, we affirm the large-hearted band of volunteers who are often local, living in the communities they want to lend a helping hand and form the backbone of the local charities, willing to give their time and skills for less, as these photos attest.