Mumbai: Fashion retailer United Colors of Benetton is seeing top-level exits in India with the CEO, commercial director and marketing head having left or on their way out of the company, according to people familiar with the development. Ramprasad Sridharan, CEO and managing director of United Colors of Benetton, India, who joined the company in June 2021, is on his way out following an over four-year-long stint. In response to Mint’s queries, Benetton India confirmed that Sridharan will be moving on from the company to pursue a new professional opportunity. He will continue to lead the business during the transition period to ensure continuity and stability while the company finalizes its succession plan. Kaveri Nag, head of marketing and PR had exited the company too. Nikhil Upadhye, commercial director, Benetton India, left in March to join Ola Electric. More departures are underway across the sales and online commerce team, the people said. This follows a 2024 global restructuring plan at the Italian retailer directed at trimming losses and shutting stores on account of greater competition and sluggish demand for its colourful clothing.Also Read | Popular clothing brand Benetton to close 400 stores across globe. Here’s why In 2023, the company announced a new business plan to be executed between 2024 and 2029. “2023 was a challenging year for Benetton Group, as for all companies in the textile-clothing industry: the end of the post-pandemic recovery, the geopolitical tensions, inflation, and currency volatility had a negative impact on the Group’s performance. In light of the difficult environment and the deviation of expected results from the Business Plan forecasts, with the endorsement of the parent Edizione S.p.A., a new 2024-2029 Plan was prepared to guide the Group’s economic recovery,” per the company filings for the year 2023.New boardLast June, the Benetton Group Srl appointed a new board of directors made up of Christian Coco (Chairman), Andrea Pezzangora and Claudio Sforza. In 2024, co-founder Luciano Benetton resigned as chairman and Claudio Sforza stepped in as CEO to lead a turnaround. Hundreds of stores were shuttered in 2024 alone, per media reports. Benetton had a first-mover advantage in India, having entered the market in the early 90s. It operates over 300 exclusive stores in India, apart from online sales and shops-in-shops. Benetton India’s revenue declined 6.6% to ₹874.06 crore in FY24, according to data sourced from business intelligence platform Tofler. However, it reported a significant surge in profit for the year at ₹90.36 crore from ₹9.94 crore in the previous fiscal.Also Read | GST 2.0 reshapes fashion: Value brands surge, premiums squeezed The company managed a huge reduction in costs, especially material costs and purchases, leading to a much higher profit margin eve in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. 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The CEO of Benetton India has resigned, along with the marketing head and the commercial director.
