Fabindia Employees Become The Company’s Shareholders
January 3rd, 2011 - 3:00 pm ICT by Sampurn Wire
In a move that will surprise many, Fabindia has distributed shares of the company to 700 of its employees as a mark of the celebrations of the 50th year of Fabindia. Yes, Fabindia completed 50 years of operations in the year 2010, and what better way to celebrate the day than by honoring its employees who have worked hard towards establishing the brand name worldwide, said William Nanda Bissell, the managing director of Fabindia.
In a statement to the media William Nanda Bissell says that he wants to track a different path from the one taken by his father John Bissell, the creator of Fabindia, which has subsequently emerged as one of the biggest handloom textile industries in India. In his statement to the media, William Nanda Bissell says that the chief aim of his father was to export the Fabindia products to the western nations, but his primary aim is to concentrate on the Indian retail handloom industry. And for this the first step that William Nanda Bissell has taken is to conduct a thorough research of the choices and preferences of the Indian customers.
Fabindia has a total of 133 stores in different locations across India. William Nanda Bissell shares his plans to open at least 12 more outlets by the end of the current year. And analysts are of the opinion that the concept of employees turning shareholders is a good business proposition that Fabindia has come up with, one that will ensure profits in the future.
–Sampurn Wire
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Tags: bissell, brand name, business proposition, celebrations, chief aim, choices, different path, fabindia, good business, handloom, India, indian customers, managing director, nanda, profits, shareholders, textile industries