Facing tough competition from e-commerce platforms like Flipkart and Amazon, India-based retailer Shoppers Stop noted a decline of 12.30 per cent in its revenue from Rs. 954.4 crores during the second quarter of 2016 last year to Rs. 837.6 crores in the same quarter of the current financial year.
To retain its position in the retail business, Shoppers Stop has appointed Rajiv Suri as its new chief executive officer (CEO). The appointment has been confirmed and was informed by the company, will be effective from January 9, 2018
Known for his leadership experience in the retail business, Suri most recently served Dubai-based Majid Al Futtaim Fashion as CEO. Apart from Suri’s appointment, Shoppers Stop has also announced the exit of its Chief Financial Officer (CFO) Sanjay Chakravarti, effective December 22.
Investment of Rs. 60 crores by the retailer in infrastructure, technology and space. Shoppers Stop currently operates 80 stores in 38 cities and planning to open five new stores in the coming months.
– Apparel and Textile News, Apparel Talk, Indian Apparel
