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Digital Management-2: Managing Family Business
Digital Management-2: Managing Family Business
The family business which I decided to work on is NALLI SILKS. Nalli is an Indian
wardrobe store and silk saree emporium based in Chennai. It is one of the oldest saree shops
in the Chennai's commercial neighbourhood of T. Nagar. Nalli was established in T. Nagar in
1928 by Nalli Chinnasamy Chetti, by a weaver who belonged to the Padmasaliyar
community. Chinnasamy Chetti was a famous weaver of Kanchipuram sarees who had been
weaving silk sarees since 1900 and gifted a Kanchipuram saree, the Durbar Pet, as a souvenir
to George V during his visit to India in 1911. In 1928, he moved to the then Madras city and
became one of the first to open a shop in the neighbourhood of T. Nagar which was founded
in the early 1920s. The shop initially functioned from a house until Nalli established his own
showroom in 1935. Nalli Chinnasamy Chetti died in 1958 and was succeeded by his
grandson Nalli Kuppusamy Chetti.
Under the visionary Nalli Chinnasamy Chetti, the family- run brand earned the
customers trust and became a household name for pure silks and traditional sarees. Over the
years, Nalli has opened multiple stores in major cities; including Delhi, Mumbai, Bengaluru,
Kochi, Ahmedabad, Kolkata, Hyderabad and many more and have presence across US,
Singapore and Canada too. They are 90 years of grace and legacy, an iconic heritage brand
steeped in tradition. They are the first and the finest, and have earned the patronage of
customers across generations, by virtue of staying true to its core values of truth and quality.
OBSERVATIONS:
My father is doing a silk saree business, so with his contact I spoke with the manager in
the Nalli silks, kanchipuram branch and also searched online about Nalli silks. The following
are the observations I made:
SOLUTIONS:
The company should change its “No offer and discount” policy so that it can compete
with its competitors and keep their customers loyal to them and gain new customers.
They should not lose any opportunities that they get from top foreign designers and
adapt to new trends and fashion and act accordingly.
The new generations of family continues to remain low key, they should start
producing in huge amount and make aggressive promotions and follow advertising
strategy to create brand awareness.
It can be difficult to resist the pressure that comes along with requests from family
members who want to join the business, but they should also seek advice from outside
in matters pertaining to areas in which they lack experience.
Owners of family businesses may have varying opinions on the value of their
business, or they may have no knowledge about the value of the business and what
things contribute to that value. Before succeeding the business to family members
they should evaluate the potential of the family member and their knowledge about
the value of the business.
Role and responsibilities must be clearly defines and they should not let emotions
affect the business. The family members must not allow their personal reasons to have
an effect on the business operations.