Starting a business these days is no easy task; competition is rife, and there are too many companies demanding a slice of cake that’s forever becoming smaller. But the Abans Group of Companies has served to prove that this small pearl of truth is in fact false.
Being part and parcel of the Abans Group of Companies, it truly was an insightful conversation I had with Tanaz Pestonjee. Having studied Psychology in Australia, she has taken on the business reins here in Sri Lanka as the company expands its influence in the sphere of fashion and lifestyle.
It is also interesting to note that the Abans Group is working on The Colombo City Centre, which is a mixed use project that the company is developing along with their JV partner — Silver Needle hospitality of Singapore. The project will comprise of a multi-storey shopping mall and a multi-screen Cineplex, business hotel, and a high rise residential centre. The mall is touted to be the first international standard mall in Sri Lanka with Tanaz Pestonjee being actively involved in curating the mix of international and local brands for the mall.
During the time I had this opportunity to chat with Tanaz, it was interesting to traverse her family history and the varying ups and downs that solidified the Abans Group as one of Sri Lanka’s foremost conglomerates.
The company beginnings were humble, and it was a simple need back in the day (identified by Mrs. Pestonjee) that snowballed into an industry of success. It was a simple idea brought on by a simple need that has led the company to boast over 13,500 employees while housing some of the most renowned global brands that are household names.
Besides fashion, the company has also expanded into fast food franchises such as McDonalds. With global and indeed local trends changing it does seem a natural step to consider branching into the business of fashion. Always considering the art of taking calculated risks, the company has rather aggressively decided to bring down international brands that are both aspirational and luxurious.
The Abans Group celebrated the opening of the HUGO BOSS Store on April 28, at the Arcade Independence Square; it is considered to be the first ever premium luxury brand to be introduced in Sri Lanka. The store provides a truly stunning showcase for the BOSS and BOSS Green Collections, which includes tidy, angular aesthetics, and an interior design that promises harmony with its clean lines, contours, and colours.
As a third generation of the Pestonjee family, Tanaz Pestonjee talks of how focused and geared one must be in order to do these brands justice. With many years of planning being the works, she talks of how it took many a focus group and feasibility study before the green light was given to bring down a brand such as HUGO BOSS to Sri Lanka.
All things considered, it must be stated that the Abans Group is quite careful when it comes to selecting what brands to partner with. The Group looks for brands that share the same though process and whether they will add value to the lives of consumers and the local market.
But it is a fine line; gone are the days when one could attempt a business plan and expect it to work for a few years. Now even business plans needs to be tweaked and amended to take into consideration the changing tastes and desires of a consumer that’s largely millennial. As a millennial herself, Tanaz Pestonjee speaks of how the company must always be on the pulse.
What more does this veritable company have up its sleeves to offer a public that’s forever craving new brands and experiences? That, Tanaz Pestonjee tells me, is something we will all have to wait and see. Patience, as we all know, is a virtue, especially in the business world.
Written by Rohitha Perera