India’s department store chain Shoppers Stop has announced a change at the top of its finance function, appointing Pankaj Chaturvedi as Chief Financial Officer with effect from April 1, 2026. He will take over from Karunakaran Mohanasundaram, who has led the company’s finance operations since 2018 and will step down to explore opportunities outside the organisation.
Chaturvedi joins Shoppers Stop from Saregama India, where he currently serves as CFO. His career spans more than two decades across consumer and telecom businesses, with senior finance leadership roles at Vodafone India and Reliance Jio. The company said his experience in managing large balance sheets, capital allocation and business transformation will support Shoppers Stop as it navigates a challenging retail environment.
The leadership change comes at a time when organised retail in India is facing uneven demand and tighter discretionary spending. Fashion and lifestyle retailers, in particular, have seen slower footfalls across malls and high streets over the past two quarters, while competition from online platforms and quick commerce has intensified pressure on margins.
Shoppers Stop reported a sharp decline in profitability in the December quarter, with net profit falling 69 percent year on year, reflecting softer demand and higher operating costs. The company has been working on a mix of cost control, inventory rationalisation and sharper private label focus to protect margins, while continuing to invest in store upgrades and digital channels.
Industry executives say finance leadership will play a key role as retailers balance expansion with cash discipline in a cautious consumer cycle. Shoppers Stop operates a network of department stores across major Indian cities and derives a growing share of revenue from beauty, private labels and omnichannel sales.
Chaturvedi’s appointment is expected to bring continuity in financial oversight as the company recalibrates growth plans, manages working capital cycles and responds to shifting consumer spending patterns.
