 "Budget 2018: Despite 100% FDI in retail, existing players want sweeter deal")
Indian fashion chains are witnessing a leadership churn, with several companies appointing people to key roles.
Aditya Birla Group’s Pantaloons Fashion Retail has appointed Sangeeta Pendurkar, former managing director at Kellogg India, as its chief executive. Pendurkar will report to Ashish Dikshit, managing director at Aditya Birla Fashion and Retail.
Pendurkar is the first woman CEO in the group’s 160-year history. Pantaloons’ previous CEO, Shital Mehta, had quit in September last year to join Max Fashion, a value retailer.
Recently, Raheja-owned department chain Shoppers Stop appointed Rajiv Suri as CEO. Prior to his new role, Suri was the CEO of Majid Al Futtaim (MAF) fashion business, quite prominent in west Asia. Shoppers Stop also announced last month the resignation of its chief financial officer Sanjay Chakravarti.
The Future Group has, meanwhile, hired N Mohan from the Tata Group as the director of its footwear business. In April last year, the Tata Group’s retail arm, Trent, appointed Venu Nair, managing director of Marks & Spencer Reliance, India, as its new chief commercial officer.
“The fashion segment is seeing churn because of growth in the industry from unorganised to organised and new investments from overseas and domestic investors,” said an analyst, who did not want to be named.
While Amazon picked up a minority stake in Shoppers Stop, Kishore Biyani’s Future Group bought its Hypercity chain.
The recent decision of the Union Cabinet to allow 100 per cent foreign direct investment (FDI) in single-brand retail via the automatic route would help more than 200 fashion and apparel brands, which are waiting to enter India, reports said.
The Indian fashion retail market, worth $46 billion, will grow at a promising CAGR (compound annual growth rate) of 9.7 per cent to reach $115 billion by 2026, analysts said.
Fashion retail in the country has seen increased traction after the entry of global retailer H&M, which has aggressively opened stores in the country.
