Aditya Birla Fashion and Retail names Pranchal Srivastava as CBO
Aditya Birla Fashion and Retail Limited (ABFRL) has recently disclosed the designation of Pranchal Srivastava as the Chief Business Officer for The Collective and International Brands.
With more than 15 years of extensive international experience in consumer businesses, fashion, retail, and strategic consulting, Srivastava is a seasoned business executive. He possesses a wealth of knowledge in expanding and revitalizing businesses in a wide range of intricate markets.
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In his newly appointed position, Srivastava will be responsible for overseeing the strategic development, expansion of operations, and enhancement of brand value for ABFRL's The Collective and International Brands portfolio.
This portfolio encompasses The Collective, which features a selection of over 60 high-end and luxury brands, in addition to exclusive franchise agreements with prominent global labels like Ralph Lauren, Ted Baker, Fred Perry, and Hackett.
Before assuming his current position, Srivastava held the role of Senior Vice President in the Chairman's Office at Aditya Birla Group, where he actively contributed to the strategic planning efforts of the organization.
He collaborated closely with top executives to oversee various strategic initiatives within the consumer sector, encompassing organic and inorganic growth, digital transformation, investment strategies, and operational performance enhancements.
Throughout his professional journey, Srivastava has occupied various high-level leadership positions, such as Country Head and CXO roles. He has overseen operations in growing markets in regions like the Middle East, Africa, and India, and has steered organizations through challenging economic and operational scenarios.
Through this designation, ABFRL intends to enhance leadership within its premium and international brand collection, solidifying its emphasis on sustained expansion and dominance in the ever-changing fashion and retail sector.
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In the past, the brand was established with the aim of offering fashionable and budget-friendly clothing choices for individuals in their twenties, stepping into a crowded market where it competes with Trent's affordable clothing brand, Zudio. OWND! symbolizes ABFRL's tactical decision to enhance its influence in the affordable fashion industry.
The company has articulated a strategy to convert current Style Up stores into OWND! outlets and has set a goal of enlarging its retail presence to 100 stores by the conclusion of the current fiscal year.
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As reported by the Indian financial daily newspaper Mint, the retailer has established five OWND! stores in strategic markets such as Ahmedabad, Bengaluru, and Aurangabad. Inaugurated in 2019, the Style Up brand is focused on the markets of Tier II and Tier III cities, providing a selection of apparel and accessories. The inaugural Style Up establishment was founded in Bihar, and the brand has subsequently extended its reach to encompass 49 different sites.