Retail magnate Micky Jagtiani, the chairman and owner of the Dubai-based Landmark Group, passed away on Friday aged 70.

"The Landmark Group today announced that its eminent Founder and Chairman, Mukesh “Micky” Jagtiani, has passed away peacefully, surrounded by his loving family," the company said in an emailed statement.

He is survived by his wife and three children. His wife, Renuka, has been running the company as chairwoman and CEO.

India-born Jagtiani started the group by launching Babyshop, the baby products shop, in Bahrain in 1973. The group has scaled up in a big way since then and currently has more than 50 brands including Babyshop, Splash, Home Centre, Centrepoint, Shoemart, and Emax across the Middle East, Africa and India.

A public condolence gathering is scheduled to take place on Monday, May 29, 2023, the company statement said.

Emirati businessman Majid Saif Al Ghurair said on Twitter: "Today Dubai lost a man who was a key player in the retail and real estate industry. Micky Jagtiani the founder of land mark group has passed away. My condolences to the Jagtiani family and to Renuka Jagtiani."

(Writing by Brinda Darasha; editing by Seban Scaria)