Musical chairs in retail: top execs swap companies as competition heats up, growth slows

From Levi Strauss & Co. to Marks & Spencer (M&S), and from Pepe Jeans London to Bestseller India, a wave of CEO exits underscores a market where established giants are battling both inflation-conscious shoppers and aggressive new entrants, prompting a talent exodus as leaders seek fresh, high-growth horizons.

Industry insiders said several of these executives have also been in the same company for an extended period, prompting them to explore external options.

Amisha Jain, senior vice president and managing director of South Asia-Middle East and Africa (SAMEA) at Levi Strauss & Co (LS&Co), is set to leave the denim maker. She had joined the company from lingerie brand Zivame, where she was the CEO, in June 2022.

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The company confirmed the development and wished Jain well for the future. “Yes, we can confirm that Amisha Jain is leaving LS&Co,” the company said in a statement. “While we don’t have additional news to share for now, we’re committed to this important region and are actively recruiting for this role.”

Mint could not independently verify Jain’s next move.

Unlike Jain’s relatively short stint, Vineet Gautam has been the CEO of Bestseller India, Sri Lanka and Nepal for 15 years. Last November, he announced his exit from the Denmark-headquartered fashion company, which operates clothing brands such as Vero Moda and Only in India.

According to people aware of the matter, Gautam could be headed to the private equity or investment side of business. Gautam did not respond to queries sent by Mint.

Taking Gautam’s place in Bestseller as country director for India is Sumit Dhingra, who led business operations across India, Southeast Asia, the Middle East, and Africa for Crocs. Dhingra will walk into the corner room of Bestseller India on 1 June.

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Other recent changes include Manish Kapoor, former managing director (MD) and CEO of Pepe Jeans India, who was recently named MD of M&S India. The move is part of a broader restructuring within the British apparel retailer. Kapoor will exit Pepe Jeans India in mid-April. Meanwhile, Pepe India is in talks with top retail executives to take on Kapoor’s role.

Why this is happening

“Organizations and people go through their own journey. A lot of these executives have been with the companies for too long, hence there could be some more changes on the way,” said a retail executive who spoke to Mint on the condition of anonymity.

India’s retail market is estimated to be over $1 trillion in size in 2024, per estimates from Bain & Company. However, the market has been witnessing a slowdown on account of greater competition and consumers diversifying spends on other categories such as travel and entertainment.

High inflation is also making shoppers choose more value-friendly brands such as Zudio, Max Fashion and V-Mart. At the same time, new-age competition—both online and offline—has also emerged, prompting existing retailers to step up their game or change track.

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“In some cases, expats are replaced by local talent. In some, the CEO spent a long time in the company and wants to pursue a different path. Established retail companies have to battle newer, more aggressive entrants, buying behaviour is changing and the competition is up. Churn happens when there is lower growth and companies want to change that,” said Utpal Das, client partner and practice head retail and services, at recruitment firm EMA Partners.

Pranshu Upadhyay, regional director at Michael Page, said brick-and-mortar retail firms have not seen high growth rates in the past couple of years and the scope of expansion has become limited. “The CXOs have realized that and are looking out as most of them want to be a part of growth journey than maintaining the status quo,” he said.

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