Aditya Birla Retail has roped in Mohit Kampani, former MD of Spencer, as its new CEO who will be heading the operations of food and retail grocery business. The new CEO is expected to take the charge from coming Monday (3 October, 2016).
Vishak Kumar, who was heading the post before Kampani, will now be monitoring the business of Aditya Birla Fashion and Retail as its CEO. This new fashion and retail entity was emerged after consolidation of branded apparel businesses of the Aditya Birla Group comprising of Madura Fashion, Pantaloons Fashion & Retail and Madura Fashion & Lifestyle.
The changes were announced internally in an email to employees on Wednesday. An email sent to Aditya Birla Group seeking comment did not elicit a response until Wednesday press time. Kampani declined to comment.
As his first task, Kampani will be targeting to churn the business wheel of More swiftly and steadily. He will be working closely in chalking plans to carry out the business in more organized form since the brand is facing a stiff competition from the online players. ABRL reported revenue of Rs 2,948 crore in 2014-15, a net loss of Rs 571 crore and total debt of Rs 5,232 crore. It is reducing losses at the store level.