 "Micky Jagtiani, founder of retail giant Landmark Group, passes away at 70")
Dubai-based billionaire businessman Micky Jagtiani, who founded retail giant Landmark Group, has passed away, Khaleej Times reported on Friday. The chairman and owner of the group was 70 years old.
With a net worth of $5.2 billion, he was ranked 511 on the Forbes' 37th annual world billionaires list earlier this year.
Jagtiani was originally from India and started the business in 1973 with one store in Bahrain. He then expanded the business across the west Asia, Africa and India. According to Forbes, Jagtiani drove a taxi in London before moving to Bahrain and starting a baby products shop.
Currently, his wife Renuka runs the Landmark Group as chairman and chief executive officer (CEO).
His three children are directors in the group, overseeing different aspects of the business.
The Landmark Group also entered India in 1999 and has a range of retail brands like Lifestyle and Max for clothes and Home Center for furniture and home furnishings.
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The Dubai-headquartered group also operates brands Babyshop, Centrepoint, Home Centre, Lifestyle, Splash, Shoemart and Emax.
"Today Dubai lost a man who was a key player in the retail and real estate industry. Micky Jagtiani the founder of land mark group has passed away," tweeted Emirati businessman Majid Saif Al Ghurair.