Bata India Appoints Amit Aggarwal as Whole-Time Director and CFO
Bata India, the renowned shoemaker and retailer, has appointed Amit Aggarwal as the Whole-Time Director and Chief Financial Officer. Durgesh Singh, who had been appointed CFO effective 1 December 2024 to ensure a smooth transition until the induction of the Director of Finance and CFO, has now stepped down from the position.
Aggarwal has over 20 of extensive experience in financial management, business strategy, and digital transformation across the FMCG and D2C sectors. He brings expertise in driving profitability, optimizing costs, mitigating risks, and strengthening governance frameworks. A qualified chartered accountant (ICAI, 2002) with an advanced general management certification from IIM Kolkata, Aggarwal combines technical proficiency with visionary leadership to deliver impactful results, the company said.
Aggarwal joined Bata from SUGAR Cosmetics (Vellvette Lifestyle Private Limited) where he was working as CFO. He has previously worked with organizations like Marico Limited, Nestle India Limited, and PwC, in various positions including Head of Finance, Head of corporate Finance, and Internal Audit.
Bata India has been struggling to maintain its dominance in the low-priced segment of the market, according to a recent Moneycontrol report that cited analysts. Analysts attribute Bata’s steady decline to a combination of factors, including its growing reliance on franchise stores and e-commerce, aided by rising raw material costs, the report added. The affordable segment, bracketed below Rs 1,000, which used to make up 50 percent of its sales before Covid, now contributes only 30 percent.
The 130-year-old brand remains the largest footwear retailer and manufacturer in the Indian footwear industry, with over 1,900 retail stores across 1,500 towns, including franchise locations, in FY24. Bata India sells nearly 50 million pairs annually.