Mumbai, August 23, 2023: The Retailers Association of India (RAI) hosted the ‘Retail CFO Summit 2023’ in Mumbai on August 22, 2023. This notable occasion attracted a plethora of retail CFOs, CEOs, and finance professionals. Central to the summit’s discussions was the theme: ‘Evolving Role of CFO: Preparing for Growth or Recession?’.
Amid unparalleled financial volatility, the CFO’s position is quickly evolving, underscoring agility, human capital, and digital transformation. Such adaptability equips companies to capitalise on alternatives for development, whereas additionally making ready them for potential downturns in 2023. The ‘Retail CFO Summit’ goals to showcase finest practices in retail finance, determine development techniques, and present a vibrant discussion board for business consultants to collaborate, work together, and purchase insights.
Speaking about the theme of the Retail CFO Summit 2023, Mr Kumar Rajagopalan – Chief Executive Officer, of the Retailers Association of India (RAI), mentioned, “In these transformative instances, the CFO’s position isn’t just about managing funds however about foreseeing the future and navigating the stormy seas of change. As the retail business grapples with unprecedented challenges and alternatives, the 2023 CFO Summit is a beacon for finance leaders, illuminating the path towards sustainable development amidst potential recessions. At RAI, we imagine in empowering CFOs with the data, instruments, and networks to steer the retail sector right into a affluent future. Together, let’s redefine finance management and set new benchmarks for excellence in the business”.
The summit boasted a stellar lineup of audio system, together with Amit Agarwal, Group CFO of Raymond Ltd.; Anand Agarwal, CFO of V-Mart Retail Ltd.; Angshuman Bhattacharya, National Leader for Consumer Products and Retail Sector at EY India; Girdhar Chitlangia, CFO of Arvind Fashions Ltd.; Karunakaran M, CFO of Shoppers Stop Ltd; Rahul Murarka, CFO of Vedant Fashions Ltd.; and Rajesh Annamalai, CFO of Aditya Birla Fashion and Retail Ltd., to call a couple of.
Throughout the day, fascinating panel discussions delved deep into numerous aspects of the summit’s major theme. Highlight classes encompassed debates on pivotal matters like the CFO’s position in regulatory compliance administration, placing a steadiness between profitability and sustainable development, the influence of expertise and digital transformation, and methods to determine income leakage and stop loss.
Speaking about the retail business outlook at the summit, Angshuman Bhattacharya, National Leader – Consumer Products and Retail Sector, EY India, mentioned, “The fast few quarters have seen some development challenges and rising questions round a slowdown. However, this is because of two factors- a excessive H1 FY 23 base post-pandemic and effectivity measures taken in direction of pruning unprofitable segments and channels. However, three themes stand tall: millennial consumerism reflecting on classes like footwear, athletics, and informal put on that are witnessing robust development. Second, is the tier-2 unbranded to branded being skilled by worth retailers. The third is premiumization as prosperous shoppers spend extra on discretionary classes corresponding to watches, jewelry, and journey. These three themes are more likely to proceed on the development trajectory even by means of the present fiscal. In the long run, that is India’s decade as per capita GDP crosses the 2500 USD inflection mark and the promise it holds for discretionary expenditure. India is the most promising retail market for the coming decade powered by digital and omnichannel fashions at the entrance and product and class innovation at the again finish.”
Anand Agarwal, CFO, V-Mart, added, “We’re sitting on the cusp of a brand new revolution so far as India is anxious. The GDP is rising at a wholesome fee and particularly retail consumption is sure to develop as we see earnings ranges rising, the financial savings fee getting stabilized and due to this fact the discretionary spend is sure to develop which clearly has to have a really robust repercussion on the general retail consumption.”
Over the years, the Retail CFO Summit by RAI has develop into an vital annual gathering for the retail finance fraternity to discover, have interaction and demystify alternatives, and reforms and share BCPs of how the business can transfer in direction of quick and but, sustainable development.