Shoppers Stop is hiring Rajiv Suri, head of Dubai-based Majid Al Futtaim Fashion, as new chief executive, according to two people aware of the development.
The post had been lying vacant since January, when Salil Nair had put in his papers.
A Shoppers Stop spokesperson declined to comment on the matter. Suri could not be reached for comment. Suri will take charge at a time when losses are widening at Shoppers Stop amid competition, especially from ecommerce giants Flipkart and Amazon.
Shoppers Stop reported consolidated loss of Rs 18.5 crore for the September 2017 quarter, widening from the Rs 8.78-crore loss it had reported in the year ago period.
The BSE-listed retailer’s standalone loss for this quarter was Rs 21.8 crore. Canadian national Suri has been CEO of Majid Al Futtaim Fashion for about four years and sits on boards of various Middle East ventures, including Monsoon Accessorize and Abercrombie & Fitch, according to his profile on LinkedIn. Last month, Kishore Biyaniled Future Retail said it will acquire HyperCity from Shoppers Stop for Rs 655 crore in a cash-and-stock deal.
URL Link-https://retail.economictimes.indiatimes.com/news/apparel-fashion/apparel/rajiv-suri-to-become-the-new-shoppers-stop-ceo/61761908
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