INDIA: Bharti Retail appoints Wal-Mart exec Jain as CEO
Bharti Retail has appointed the former head of Wal-Mart India, Raj Jain, as its CEO.
Jain has taken up the role with immediate effect, reporting to Rajan Bharti Mittal, vice chairman and managing director of parent company Bharti Enterprises.
The retailer has also appointed Pankaj Madan as CFO. The executive was suspended from Bharti Wal-Mart in 2012 in the wake of investigations of corruption allegations by Wal-Mart.
Bharti Enterprises and Wal-Mart parted ways to in October last year to operate retail stores independently in India, ending speculation over the future of their six-year partnership.
Commenting on the appointments, Mittal said: "Bharti is committed to building a world-class retail venture and we are delighted to have Raj and Pankaj on board. I am confident that their rich experience and insights into the retail business will add immense value to company's growth plans. I wish them the very best in their new roles and look forward to working with them."
Prior to this appointment, Jain was an advisor to Bharti Enterprises and also held the position of managing director and CEO of Bharti Wal-Mart for over six years.
Bharti Retail currently operates 212 stores in neighbourhood and compact hypermarket formats.
Project Synopsis: MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity unde...
In 2008, the US-based multinational company Wal-Mart Stores acquired the Chilean hypermarket, supermarket and retail company D&S, which already owned more than 250 stores across the country. Every yea...
Wal-Mart de México SAB de CV is the leading and most influential chained grocery retailer in Mexico. The company’s strategy is based on offering a wide range of products at affordable prices. Conseque...
Food and drink internet retailing posted outstanding growth in 2012 and 2013. Working females in urban centres with a busy lifestyle find it convenient and time saving to purchase groceries online. It...
- Speed to market key to Adidas 2020 growth plan
- SuperGroup to adapt sourcing model for speed
- SOURCING: Production problems weigh on Pakistan
- Cutting-edge companies focus on consumer needs
- What next for smart fabrics and garments?
- Transparency call for German apparel firms
- Lululemon Athletica on “strong growth” track
- PVH “pleased” after swinging to Q4 profit
- Organic cotton assessment tool launches
- El Corte Ingles to accelerate time to market
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Outdoor performance apparel: peaks, valleys, and green fields
- Global market review of swimwear - forecasts to 2019