The owner of D-Mart, Radhakishan Damani made whopping income of 6100 Crores within 2 days through single stock. Many legendary figures that are well known experts in stock market are shocked. This two day magic has made Damani the 20th richest Indian and he has also made it to the list of world’s 500 richest billionaires.
What Made Damani “The Man of Substance”?
Damani’s owned D-Mart has worked for him. D-Mart is a retail chain store like any other retail store that sells domestic household items. D-Marts’s success formula is based on the simplicity followed by Damani & Co. They stood up for the basics of retail business rather going to the complexity. D-Mart follows a great relation with its vendors and customers.
The basic aim of the retail store is to provide what the customer needs and not create something different for the customer and then try to pursue the customer to show interest in the product. The common belief they follow is that the customers don’t buy a product but they want to get a job done.
Instead of competing with mega chain stores of branded goods in posh areas, they focused on middle class societies where set up cost was less and the demand was specific within a medium range. That is why you won’t find any D-Mart store in a posh area.
The Other Factors that Led to the Success:
Initial Public Offering plays a great role in building up your business. Damani used this in a wise method. The company offered first IPO listing on March 08, 2017 and in matter of time it did magic. Damani is known to be a fundamentalist when it comes to investment. A proper research followed by a deep diligence.
Damani remains a private person and his actions and decisions are never bounded by competition like the other like companies. Apart from this, the investment timing also played a role. Despite of tough times with the vendors and in stock, Damani kept a balance and maintained his shares when the rest where selling off their shares. The consistency has somewhere worked for him.