Ethnic apparel retailer Fabindia on April 17 stated that it has appointed Rajeshwari Srinivasan as its chief executive officer (CEO) effective April 2023.
Srinivasan will succeed Vinay Singh, who led the company as MD and CEO for seven years. Singh will continue as a non-executive director on the Fabindia board.
The incoming CEO brings more than 30 years of experience in the FMCG, retail, luxury and hospitality sectors. Prior to joining Fabindia, she held executive roles at TATA Group companies including Rallis India, Tata Consumer, Indian Hotels and Titan Company. She is an alumnus of the Indian Institute of Foreign Trade (IIFT) and is also a Chevening Scholar.
“The Fabindia family welcomes Ms Srinivasan and we are confident that under her leadership, Fabindia’s business will continue to focus on sustainable growth and generate a positive impact for our stakeholders and shareholders,” commented William Bissell, MD, Fabindia.
Earlier this year, Fabindia withdrew its plan for a Rs 4,000 crore initial public offering (IPO) amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets.
The 62-year-old company, popular for its sustainable and traditional Indian wear, said it may consider going public in the future and that several global ESG-focused funds had expressed an interest to invest. It did not give details.
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