Rajiv Suri named as Shoppers Stop's new CEO
The current head of the Dubai-based business, Majid Al Futtaim Fashion, has been appointed as the new CEO of Shoppers Stop at a time when the company is experiencing widening losses.
Rajiv Suri will take up the role of Chief Executive (CEO) of the multi-brand fashion business Shoppers Stop. The post had been lying vacant since January when Shoppers Stop’s previous CEO, Salil Nair, stepped down.
Suri, who is currently the CEO of Majid Al Futtaim Fashion which is based in Dubai, has held that position for around four years. A Canadian National, Suri also sits on the boards of various Middle East businesses including Abercrombie & Fitch and Monsoon Accessorize.
Shoppers Stop shareholders recently agreed to the sale of their subsidiary, HyperCity, to Kishore Biyani’s Future Retail for 655 crore rupees (approximately 98.4 million dollars) made up of both cash and stocks. The past quarter of the current financial year saw Shoppers Stop total a loss of 21.8 crore rupees (approximately 3.2 million dollars) and so Suri will have much to address in his new role.
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