Atul Shah: Difference between revisions
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| name = Atul Shah |
| name = Atul Shah |
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| birth_date = {{Birth year and age|1961 |
| birth_date = {{Birth year and age|1961}} |
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| birth_place = [[Nakuru]], |
| birth_place = [[Nakuru]], Kenya |
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| nationality = |
| nationality = British |
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| ethnicity = [[Kenyan Asian]] |
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| occupation = |
| occupation = Businessman & entrepreneur |
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| years_active = |
| years_active = 1978–2017 |
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| organization = Nakumatt Holdings Limited |
| organization = Nakumatt Holdings Limited |
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| television = |
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| title = |
| title = Managing Director & CEO<br />[[Nakumatt]] Holdings Limited |
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'''Atul Shah''' is a |
'''Atul Shah''' is a businessman and entrepreneur in Kenya. He is the managing director and chief executive officer of the Nakumatt Holdings Limited, the parent company of [[Nakumatt]] Supermarkets, the largest, privately owned supermarket chain in the [[African Great Lakes]] area, with branches in [[Kenya]], [[Uganda]], [[Tanzania]] and [[Rwanda]]. {{asof|September 2014}}, the retail chain maintained 50 stores in four countries, employed over 7,000 people and had annual sales in excess of US$650 million.<ref>{{cite web|url=http://www.howwemadeitinafrica.com/no-secret-to-doing-business-in-africa-says-nakumatt-md-atul-shah/43244/| |
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title= |
title='No Secret To Doing Business in Africa,' Says Nakumatt Managing Director, Atul Shah|date=11 September 2014|accessdate=2 December 2014|first=Dinfin|last=Mulupi|publisher=How We Made It in Africa}}</ref> |
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==Background and education== |
==Background and education== |
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He was born in [[Nandi Hills, Kenya|Nandi Hills]], Kenya in 1961. In 1965, when Atul was four years old, the family relocated to [[Nakuru]]. Atul's father, |
He was born in [[Nandi Hills, Kenya|Nandi Hills]], Kenya in 1961. In 1965, when Atul was four years old, the family relocated to [[Nakuru]]. Atul's father, Mangalal Shah, who had migrated to Kenya from India in 1947, opened a retail clothing store opposite the Nakuru open air market. Atul' s older brother, Vimal started working in the business in 1970. In 1975 Mangalal began exporting clothing to Uganda, often on credit. Towards the end of 1976, with debtors behind on their payments and creditors demanding for their money, Atul's father declared bankruptcy, with total debts of KSh1.2 million. The store was closed and Mangalal went to work for his brother Hasmukh Shah, who then owned a shop called Nakuru Mattresses. |
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Atul Shah and his brother, Vimal Shah opened |
Following the closure of their father's business, Atul Shah and his brother, Vimal Shah opened a clothing store that they named Furmatts, which among other things, sold bed sheets which the brothers stitched at home. In 1978, due to booming business, supported by the 1970s coffee boom in East Africa, the two sons and their father managed to pay off the KSh1.2 million debt. They bought Nakuru Mattress from their uncle, who relocated to the United Kingdom.<ref>{{cite web|accessdate=2 December 2014| url=http://www.standardmedia.co.ke/article/2000036154/the-non-quitter-who-founded-nakumatt-supermarkets?articleID=2000036154&story_title=the-non-quitter-who-founded-nakumatt-supermarkets&pageNo=1|date=31 May 2011|first=Kenneth| last=Kwama|title=The Non-Quitter Who Founded Nakumatt Supermarkets|newspaper=[[The Standard (Kenya)|The Standard]]}}</ref> |
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last=Kwama|title=The Non-Quitter Who Founded Nakumatt Supermarkets| |
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newspaper=[[The Standard (Kenya)]]}}</ref> |
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==Nakumatt supermarkets== |
==Nakumatt supermarkets== |
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Under new ownership, Nakuru Mattress and Furmatts began integrating their operations. From two stores Nakuru town in 1978, they diversified the list of items on offer. In addition to clothes and mattresses, they began selling saucepans, cooking pots, plastic basins and umbrellas, among other products. In 1984, they opened a store in [[Eldoret]], their first outside of Nakuru. In 1986 the retail chain expanded to [[Nairobi]], with a store on Ukwala Road. |
Under new ownership, Nakuru Mattress and Furmatts began integrating their operations. From two stores Nakuru town in 1978, they diversified the list of items on offer. In addition to clothes and mattresses, they began selling saucepans, cooking pots, plastic basins and umbrellas, among other products. In 1984, they opened a store in [[Eldoret]], their first outside of Nakuru. In 1986 the retail chain expanded to [[Nairobi]], with a store on Ukwala Road. |
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Over the next 30 years, the supermarket chain |
Over the next 30 years, the supermarket chain grew into the largest retailer in Kenya, with over 36 stores, employing over 4,500 people.<ref>{{cite web|first=David|last=Herbling|date=23 September 2014|url=http://www.businessdailyafrica.com/Corporate-News/Nakumatt-s-4-500-employees-win-12pc-salary-raise-/-/539550/2463136/-/cqh71sz/-/index.html|title=Nakumatt's 4,500 Employees Win 12 Percent Salary Raise|newspaper=[[Business Daily Africa]] (Nairobi)|accessdate=2 December 2014}}</ref> In 2008, the retailer opened its first outlet outside of Kenya, in [[Kigali]], Rwanda. New branches in neighboring [[Uganda]] followed in 2009. The first store in [[Tanzania]] came in 2011.<ref>{{cite web|url=http://www.businesstimes.co.tz/index.php?option=com_content&view=article&id=1605:nakumatt-enters-tanzania-market&catid=40:marketandeconomy&Itemid=58|title=Nakumatt Enters Tanzania Market|date=16 December 2011| accessdate=2 December 2014|newspaper=[[Business Times (Tanzania)|Tanzania Business Times]] (Dar es Salaam)}}</ref> The retail chain has plans to expand operations to [[Burundi]] and [[South Sudan]] in the next two to three years.<ref>{{cite web|title=Nakumatt: From Mattress Shop To African Chain|date=19 April 2012|accessdate=2 December 2014|url=https://www.reuters.com/article/us-africainvest-summit-nakumatt-idUSBRE83I12V20120419|work=[[Reuters]]|last=Miriri|first=Duncan}}</ref> |
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accessdate=2 December 2014|newspaper=[[Business Times (Tanzania)| Tanzania Business Times]] (Dar es Salaam)}}</ref> The retail chain has plans to expand operations to [[Burundi]] and [[South Sudan]] in the next two to three years.<ref>{{cite web|title=Nakumatt: From Mattress Shop To African Chain|date=19 April 2012|accessdate=2 December 2014|url=http://www.reuters.com/article/2012/04/19/us-africainvest-summit-nakumatt-idUSBRE83I12V20120419|publisher=[[Reuters]]|last=Miriri|first=Duncan}}</ref> |
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==Wealth== |
==Wealth== |
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In 2013, Atul Shah is reported to have valued shareholders' equity in the retail chain at US$400 |
In 2013, Atul Shah is reported to have valued shareholders' equity in the retail chain at US$400 million (KSh34 billion at that time).<ref>{{cite web|accessdate=2 December 2014|last=Mwaniki| url=http://www.businessdailyafrica.com/Nakumatt-valued-at-Sh34bn-says-MD--/-/539552/2055344/-/11a2x3v/-/index.html|first=Charles|date=31 October 2013|title=Nakumatt Valued at KSh34 Billion, Says Managing Director|newspaper=[[Business Daily Africa]] (Nairobi)}}</ref> The privately owned family business does not publish its financial statements. However, given that the family is the majority shareholder, Atul Shah is one of Kenya's wealthiest individuals. |
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date=31 October 2013|title=Nakumatt Valued At KSh34 Billion, Says Managing Director|newspaper=[[Business Daily Africa]] (Nairobi)}}</ref> The privately-owned family business does not publish its financial statements. However, given that the family is the majority shareholder, Atul Shah is one of Kenya's wealthiest individuals. |
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==Other responsibilities== |
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Atul Shah is a married father of two children. |
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==See also== |
==See also== |
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==External links== |
==External links== |
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* [ |
* [https://web.archive.org/web/20100620054855/http://nakumatt.net/ Nakumatt Holdings Official Website] |
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{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]]. --> |
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| NAME = Shah, Atul |
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| ALTERNATIVE NAMES = |
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| SHORT DESCRIPTION = Kenyan businessman |
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| DATE OF BIRTH = 1961 |
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| PLACE OF BIRTH = |
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| DATE OF DEATH = |
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}} |
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{{DEFAULTSORT:Shah, Atul}} |
{{DEFAULTSORT:Shah, Atul}} |
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[[Category:Living people]] |
[[Category:Living people]] |
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[[Category:Kenyan people of Indian descent]] |
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[[Category:1961 births]] |
[[Category:1961 births]] |
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[[Category:Kenyan businesspeople]] |
[[Category:Kenyan businesspeople]] |
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Latest revision as of 09:29, 13 March 2024
Atul Shah | |
|---|---|
| Born | 1961 (age 63–64) Nakuru, Kenya |
| Nationality | British |
| Occupation | Businessman & entrepreneur |
| Years active | 1978–2017 |
| Organization | Nakumatt Holdings Limited |
| Title | Managing Director & CEO Nakumatt Holdings Limited |
Atul Shah is a businessman and entrepreneur in Kenya. He is the managing director and chief executive officer of the Nakumatt Holdings Limited, the parent company of Nakumatt Supermarkets, the largest, privately owned supermarket chain in the African Great Lakes area, with branches in Kenya, Uganda, Tanzania and Rwanda. As of September 2014[update], the retail chain maintained 50 stores in four countries, employed over 7,000 people and had annual sales in excess of US$650 million.[1]
Background and education
[edit]He was born in Nandi Hills, Kenya in 1961. In 1965, when Atul was four years old, the family relocated to Nakuru. Atul's father, Mangalal Shah, who had migrated to Kenya from India in 1947, opened a retail clothing store opposite the Nakuru open air market. Atul' s older brother, Vimal started working in the business in 1970. In 1975 Mangalal began exporting clothing to Uganda, often on credit. Towards the end of 1976, with debtors behind on their payments and creditors demanding for their money, Atul's father declared bankruptcy, with total debts of KSh1.2 million. The store was closed and Mangalal went to work for his brother Hasmukh Shah, who then owned a shop called Nakuru Mattresses.
Following the closure of their father's business, Atul Shah and his brother, Vimal Shah opened a clothing store that they named Furmatts, which among other things, sold bed sheets which the brothers stitched at home. In 1978, due to booming business, supported by the 1970s coffee boom in East Africa, the two sons and their father managed to pay off the KSh1.2 million debt. They bought Nakuru Mattress from their uncle, who relocated to the United Kingdom.[2]
Nakumatt supermarkets
[edit]Under new ownership, Nakuru Mattress and Furmatts began integrating their operations. From two stores Nakuru town in 1978, they diversified the list of items on offer. In addition to clothes and mattresses, they began selling saucepans, cooking pots, plastic basins and umbrellas, among other products. In 1984, they opened a store in Eldoret, their first outside of Nakuru. In 1986 the retail chain expanded to Nairobi, with a store on Ukwala Road.
Over the next 30 years, the supermarket chain grew into the largest retailer in Kenya, with over 36 stores, employing over 4,500 people.[3] In 2008, the retailer opened its first outlet outside of Kenya, in Kigali, Rwanda. New branches in neighboring Uganda followed in 2009. The first store in Tanzania came in 2011.[4] The retail chain has plans to expand operations to Burundi and South Sudan in the next two to three years.[5]
Wealth
[edit]In 2013, Atul Shah is reported to have valued shareholders' equity in the retail chain at US$400 million (KSh34 billion at that time).[6] The privately owned family business does not publish its financial statements. However, given that the family is the majority shareholder, Atul Shah is one of Kenya's wealthiest individuals.
See also
[edit]References
[edit]- ^ Mulupi, Dinfin (11 September 2014). "'No Secret To Doing Business in Africa,' Says Nakumatt Managing Director, Atul Shah". How We Made It in Africa. Retrieved 2 December 2014.
- ^ Kwama, Kenneth (31 May 2011). "The Non-Quitter Who Founded Nakumatt Supermarkets". The Standard. Retrieved 2 December 2014.
- ^ Herbling, David (23 September 2014). "Nakumatt's 4,500 Employees Win 12 Percent Salary Raise". Business Daily Africa (Nairobi). Retrieved 2 December 2014.
- ^ "Nakumatt Enters Tanzania Market". Tanzania Business Times (Dar es Salaam). 16 December 2011. Retrieved 2 December 2014.
- ^ Miriri, Duncan (19 April 2012). "Nakumatt: From Mattress Shop To African Chain". Reuters. Retrieved 2 December 2014.
- ^ Mwaniki, Charles (31 October 2013). "Nakumatt Valued at KSh34 Billion, Says Managing Director". Business Daily Africa (Nairobi). Retrieved 2 December 2014.