Arvind Fashion appoints Shailesh Chaturvedi as MD and CEO1 min read . Updated: 12 Nov 2020, 05:16 PM IST
- Suresh, current MD and CEO, who joined the company in September 2005, will work with Chaturvedi for a smooth transition. After stepping down from his post, Suresh will continue on the AFL board will advise on strategic issues
NEW DELHI: Arvind Fashions Limited (AFL) on Thursday appointed Shailesh Chaturvedi as managing director and chief executive officer of the company, effective 1 February, 2021, replacing veteran J Suresh who is set to retire later this year.
Chaturvedi was previously managing director and CEO at PVH-Arvind brands, a joint venture that sells brands such as Tommy Hilfiger and Calvin Klein. He also led the Arrow brand for Arvind Fashions.
Suresh, current MD and CEO, who joined the company in September 2005, will will work with Chaturvedi for a smooth transition. After stepping down from his post, Suresh will continue on the AFL board and also advise the board on key strategic issues.
The change at the top comes at a time when the company has been weeding out loss making retail formats to focus on select brands. It shut down loss-making stores of its value retail format Unlimited and more recently parted ways with American fashion retailer GAP in India. In its investor presentation on THursday, the company said it had discontinued operations for brands such as GAP, NewPort, Ruf&Tuf, The Children's Place and Hanes.
More recently, Flipkart invested ₹260 crore to pick up a stake in Arvind Fashion subsidiary that owns the denim brand Flying Machine.
Arvind Fashions Ltd sells brands such as US Polo Association, ARROW, Tommy Hilfiger, Calvin Klein, Flying Machine, Unlimited, and Sephora in India.
The company has been undertaking restructuring of its different retail formats as it weeds out brands that are losing out in India's growing fashion retail industry.
Going forward, the company will focus its energy and resources on six key brands, look to scale up its business through digital capabilities and continue expansion into adjacent categories to provide global fashion experiences to Indian consumers, the company said in its statement.
Chaturvedi, has expertise in working with international brands and that gives him an unique insight to global best practices and bringing them to the Indian market, which will be very valuable to AFL going forward, Kulin Lalbhai, director, Arvind Fashions Limited said.