Opinion Why the good times couldnt last
For young India,Vijay Mallya was a corporate icon,unembarrassed about flaunting his wealth
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Vijay Mallya,flamboyant owner of a liquor company and an airline,was,until recently,an icon to a section of Indias youth. In a fast-track Indian economy,he represented a swashbuckling corporate hero whose lavish parties and high-flying lifestyle received a lot of press. His private jet,luxury yacht and vacation homes were the accoutrements many young Indians openly or secretly aspired to. His million-plus followers on Twitter offer a peep into his fan base,many who never met him but were mesmerised by his every word. The company tagline King of good times was,for once,not just a copywriters clever turn of phrase but represented Mallyas personal,electrifying lifestyle.
But as recent events unfolded and Mallya hurtled from one public relations disaster to another,many watched with more than disappointment. The airline was crashing into bankruptcy,its debts mounting,rumours swirled about the shares of Mallyas companies being rigged and a non-bailable warrant was issued against him in a cheque bounce case. It soon became clear that this was not just another corporate stunt Mallya was attempting to pull off.
Mallya,now 56,was elected chairman of United Breweries at the age of 28 in 1983 following his fathers demise. In a country minting millionaires,the silver-haired,diamond-dripping Mallya stood apart. In Bangalore,where his business is headquartered,he shares his family name with a hospital,a school and a prominent road. When complete,Kingfisher Towers (if it still retains that name) will be Bangalores most sought-after residential address.
For young India,Mallya was one of two Bangalore corporate icons representing lessons in excess and thrift in new India. One,Infosys co-founder N.R. Narayana Murthy,is the self-made son of a school teacher. With his compassionate capitalism mantra,Murthy espoused new corporate ideals (such as employee shareholders and corporate transparency) and also practiced vastly different personal ethics. Murthy consistently topped surveys as a youth icon.
Mallya,on the other hand,was never a frontrunner in any survey but still enjoyed an impressive following. He inherited his fathers brewery business but charted new heights in a growing economy. Through a brash corporate style,he built an empire and became one of the largest and fastest-growing liquor companies in the world. His brazen,unapologetic lifestyle riveted young India. Unlike the sober image of a succession of Indian business leaders, VJM,as he is called,even had hand towels in his home inscribed with his initials. His mantra was,if youve got it,flaunt it.
The idea of Mallya was larger than life for Rahul C.S.,a 25-year old user-interface design engineer in Bangalore. My friends and I idolise Mallya, said Rahul,a faithful Kingfisher beer drinker. He made India proud by so many of his actions,like bringing Tipus sword and Gandhis iconic glasses back to India. Mallya never felt the need to be surreptitious about enjoying his wealth. He epitomised everything adventurous and exciting to young India,said brand consultant Harish Bijoor. He was right up there with mavericks like Larry Ellison and Richard Branson, he said.
But even diehard fans say that Mallya cannot live down the recent image battering over events at Kingfisher Airlines. The death of the wife of a pilot who was not paid salary for several months was a shock to all of us, said Rahul,the engineer. Mallyas slide could hold valuable lessons for young Indians,said Bijoor. There is far more to be absorbed from the real life experiences of those we look upon as our idols.
Among many who coveted Mallyas high-flying life was T.G. Tiger Ramesh,CEO of technology firm CSS Corp. I envied his world of vintage cars,private jets and luxury yachts. But for him,Mallya crossed the line when his swimsuit calendar shoot continued despite his airlines employees not being paid for months. It was as if he was completely disconnected with reality. Did he not understand how salary delays affect those who have childrens fees and home loans to pay? asked Ramesh.
Mallyas rise and slump could hold the most valuable lesson yet for young India,said Ramesh. Constant success only comes to those who unfailingly focus 15-16 hours daily on their businesses and waste very little time on distractions.
saritha.rai@expressindia.com
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