Benetton India CEO steps down; marketing head, commercial director also leave
Benetton, who joined the company in June 2021, Ramprasad Sridharan, CEO of India’s United Colors and General Manager, is on the way out for more than four years.
In response MintBenetton India confirmed that Sridharan will continue from the company to follow a new professional opportunity. The company will continue to lead the work during the transition period to ensure continuity and stability while concluding the successor plan.
Kaveri Nag, the Head of Marketing and Public Relations, also left the company. Nikhil Upadhye, Commercial Director, Benetton India left in March to join Ola Electric.
People, sales and online trade team, he said. This follows the 2024 global restructuring plan to close the stores and close the stores due to more competition and demand for colorful clothes in the Italian retailer.
In 2023, the company announced that a new business plan was carried out between 2024 and 2029.
“It was a challenging year for the 2023 Benetton Group, as in all companies in the textile-klothing industry: the end of the post-Pandemic recovery, geopolitical tensions, inflation and currency volatility, the deviation of the results expected from the difficult environment and business plan, the new plan, the new plan, the new plan, the new plan, the new plan, the new plan. applied.
New board
Last June, the Benetton group SRL, Christian Coco (president), Andrea Parzangora and Claudio Sforza’dan appointed a new board of directors. In 2024, his co -founder Luciano Benetton resigned as president and Claudio Sforza stepped into a return to lead a return. According to media reports, only hundreds of stores were closed in 2024.
Benetton had the advantage of the first movement in India by entering the market in the early 90s. Apart from the online sales and shops of stores, it operates more than 300 private stores in India.
Benetton India’s income fell by 6.6% LaAccording to the data obtained from the Business Intelligence Platform Tofler, Crore in 874.06 FY24. However, he reported a significant increase in profit throughout the year. La90.36 Crore La9.94 Crore in the previous financial year.
The company managed a major decrease in costs, especially in material costs and purchases, and despite its income decreased, it led to a much higher profit margin.
People who are familiar with the developments in India pointed out the “fluctuation effects” of the global restructuring affecting India business.
“It is the lack of support from the global of the work. Global restructuring and management changes had a lot of fluctuation effects at the top. In India, there have been interruptions in marketing budgets at a time when big investment in the country is necessary.” He said.
Employees are concerned about the uncertainty within the enterprise in relation to future investments in the market, and the measures taken globally are aware of another person who is aware of developments.
The group touches veterans to help guide the business in India, dedi he said. Members of the global team are currently in India.
Priority market
Sforza, Group CEO in India, reiterated the company’s strong commitment to the Indian market.
“India has been a key market for Benetton’s growth journey and will remain a priority market for us.
Benetton India is a 100% subsidiary of the Benetton Group.
Founded as part of the Benetton family entry into the business world in the 1960s, the company became one of the world’s most famous brands in the 1980s thanks to its iconic, brightly colored sweaters and a series of advertising campaigns. The group also runs Sisley, a clothing brand of the market’s lower bridge segment.
Mint Previously, the country’s highest level of buyers had reported several high -level changes. The movement comes with the intensity of competition for branded players with the entrance of the labels grown at home as well as large -established retailers.
Consumers reduce excessive optional purchases, allow retailers to start new collections and offer more discounts.
Levi Strauss & Co., Arvind Fashions, Marks & Spencer (M & S), Pepe Jeans London and the best -selling retailers have seen top management changes in the last 12 months.
Arvind Fashions Ltd called Amisha Jain, General Manager and General Manager, which came into force as part of succession planning. Jain joined Levi. It replaced the Shailesh Chaturvesi.
