Fabindia appoints Rajeshwari Srinivasan as CEO

NEW DELHI: Fabindia Ltd, a retailer of artisan products and lifestyle items, on Monday announced the appointment of Rajeshwari Srinivasan as its Chief Executive Officer.

Srinivasan, whose appointment is effective from this month, was previously working with Tata Group.

She succeeds Viney Singh, who has decided to retire from the post after serving for seven years as its managing director and CEO, Fabindia said in a statement.

However, Singh will continue to be on the Fabindia board as a non-executive director, it added.

Srinivasan has over 30 years of experience in sectors such as FMCG, retail, luxury and hospitality.

She has held executive roles at various Tata Group companies, including as a Tata Administrative Services Officer across Rallis India, Tata Consumer, Indian Hotels and more recently Titan Company Ltd.

Fabindia Managing Director William Bissell said: ''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.'' In February this year, Fabindia shelved its plans to launch an initial public offering of around Rs 4,000 crore, citing volatile market conditions.

Fabindia had withdrawn its Draft Red Herring Prospectus (DRHP) filed with markets watchdog Sebi for a public listing and said it will explore other options of liquidity also.

Established in 1960, Fabindia has a pan-India network of 309 stores and experience centres, 74 Organic India stores and a network of retail touchpoints for Organic India as of September 30, 2021.

The company works with close to 50,000 rural artisans and over 12,000 farmers.