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Shoppers Stop Appoints Rajiv Suri as The New CEO and MD

9Jun By Gauri SinghNo Comments

News

Shoppers Stop Appoints Rajiv Suri as The New CEO and MD

The Indian retail giant Shoppers Stop on Friday has announced the appointment of Rajiv Suri as the new Chief Executive Officer and Managing Director of the company with immediate effect. Rajiv Suri, age 55, was appointed at this position in January. He has replaced Govind Shrikhande who will step down by the end of this month. He has been working with the departmental store chain since 2001. Prior to joining Shoppers Stop, Suri was the CEO of the Majid AI Futtaim (MAF) Fashion business, which is spread across over 140 stores across Dubai, United Arab Emirates. In Dubai, he led strategic development, growth, transformation, innovation and digitalization and helped the company to grow massively. Shoppers Stop is an Indian chain of departmental store chain spread across the country and...

Future Group Denies Selling 10% Stakes Amidst Market Rumours

10May By Lavina TolaniNo Comments

News

Future Group Denies Selling 10% Stakes Amidst Market Rumours

Indian market bolted a notch higher when a speculated news regarding World's biggest brick and mortar, Future Group selling its 10 stakes to a leading global retailer surfaced in mid-afternoon today. Meanwhile, within stock market to the company witnessed a gain of 5 percent. The scrip which was at 12 percent at 10:02 am rose by 6.60 percent to Rs. 60.60 on the BSE. The speculation came amidst a clarification sought by stock exchanges into a news report that quoted Future Group founder Kishore Biyani saying, "he will sell a minority stake to the strongest global retailer” in the retail giant." However, in the new clarifications, Future Group companies have stated that there is no decision taken in the regard. The ongoing rumours have come in the wake of Flipkart-Walmart deal which...

Reliance Retail achieve $10 Billion Sales Mark

30Apr By Lavina TolaniNo Comments

BUSINESS

Reliance Retail achieve $10 Billion Sales Mark

Mukesh Ambani's Reliance Retail has become the first retailer in India to cross the $10 billion sales mark after doubling its revenue during the year that ended in March. The firm's previous year's revenue currently stands at ₹69,198 crore, which is the combined total of revenue from rival firms like Avenue Supermarket, Future Group, Tata Trent and Shoppers Stop. However, since Reliance also deals in fuel retailing business, its number cannot be directly compared with contenders that run food and grocery supermarkets and lifestyle department stores. Mukesh Ambani, Chairman of Reliance Industries said while interacting with the media, We have established strong foundations in retailing and digital services business with world-class supply chain management and network inf...

Shoppers Stop Allots 179.26 Crore Shares to Amazon

14Jan By Press Trust of IndiaNo Comments

News

Shoppers Stop Allots 179.26 Crore Shares to Amazon

Retail chain Shoppers Stop today said it has allotted 5 per shares worth Rs 179.26 crore to Amazon.com NV Investment Holdings LLC, an investment arm of Amazon.com. According to a BSE filing by the company, it has issued of 43,95,925 equity shares of Rs 5 each at a price of Rs 407.78 per equity share, aggregating around Rs 179.26 crore, to Amazon.com NV Investment Holdings LLC. The private placement committee of Shoppers Stop at its meeting held on January 12 had approved the allotment of the equity shares. The company had entered into an agreement with Amazon.com Investment Holdings LLC in September for the purpose of issuing equity shares on a preferential basis. As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace. The two comp...

Shoppers Stop Eyes 2 Million Online Users, 15% Online Sales By 2020

10Nov By AdityaNo Comments

News

Shoppers Stop Eyes 2 Million Online Users, 15% Online Sales By 2020

Fashion retailer Shoppers Stop is looking at doubling its mobile application downloads to 2 million and 15 per cent sales through its digital touch points by 2020, a senior executive said. "We are following a four-pronged strategy to grow our business by enhancing the customer experience, offering a wider assortment, leveraging technology and focusing on innovation to meet our 2020 target of 15 per cent sales through digital touch points," Shoppers Stop Customer Care Associate and MD Govind Shrikhande told reporters here. "Our mobile application, launched six months back, presently has over 9 lakh downloads and we are looking to double that by 2020," he added. The retail company, which is celebrating its 25th year, presently offers 60 per cent of its products online and plans t...