Indian fashion chains are seeing new bosses nowadays.
Aditya Birla group’s Pantaloons Fashion Retail 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 at the 160-year-old Aditya Birla Group’s history.
Shital Mehta, Pantaloons’ previous CEO, quit in September last year to join Max Fashion, a value retailer.
Retail major Shoppers Stop appointed Rajiv Suri as the Chief Executive Officer of the company with effect from January 9.
The company also announced the resignation of its chief financial officer Sanjay Chakravarti with effect from December 22. Prior to his new role, Suri was the CEO of Majid Al Futtaim (MAF) fashion business, which is prominent in West Asia spread across 140 stores.
“The fashion segment is seeing a churn because of growth in the industry from unorganized to organised and new investments from overseas and domestic investors,” said an analyst who did not want to be quoted.
While Amazon picked up a minority stake in Shoppers Stop, Kishore Biyani’s Future group bought its Hypercity chain.
The recent Cabinet decision 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 who are lined up to enter India, reports said.
Indian fashion retail market worth $46 billion will grow at a promising CAGR of 9.7 per cent to reach $115 billion by 2026, analysts said.business-standard