Shoppers Stop, the department store chain, has announced the appointment of Pankaj Chaturvedi as its Chief Financial Officer, effective 1st April 2026. He will succeed Karunakaran Mohanasundaram, who has served as the company’s finance chief since 2018 and is stepping down to pursue opportunities outside the organisation.
Chaturvedi currently serves as Chief Financial Officer at Saregama India Limited and brings with him extensive experience across media, telecommunications and consumer-facing businesses. Over the course of his career, he has held senior finance and leadership roles at companies including Vodafone and Reliance Jio, equipping him with broad exposure to large-scale operations, financial strategy and transformation initiatives.
The leadership transition comes at a challenging time for India’s organised retail sector, which is facing intensifying competition alongside signs of moderating consumer spending. Shoppers Stop recently reported a sharp 69% decline in profit for the third quarter, underscoring the pressures confronting large-format retailers amid a dynamic and competitive market environment.
Shoppers Stop is one of India’s most established retail chains, with a nationwide presence spanning major metropolitan and Tier-2 cities through a network of department stores. The company offers a wide range of products across apparel, accessories, beauty, home and lifestyle categories. Apparel remains a core focus, with a strong portfolio of national and international brands across men’s, women’s and children’s wear, as well as private labels catering to diverse consumer segments.
