Date:03/03/2004 URL: http://www.thehindubusinessline.com/2004/03/03/stories/2004030300700600.htm

Back Globus CEO decides to quit

Boby Kurian

Mr Ved Prakash Arya

Bangalore , March 2

GLOBUS Stores Pvt. Ltd, the retail arm of Rajan Raheja Group, will see a change at the top with its Chief Executive Officer (CEO), Mr Ved Prakash Arya, deciding to leave the company.

Informed sources said Mr Vinay Nadkarni, Chief Financial Officer, will head the entire operations for the time being following Mr Arya's exit.

It is learnt that Mr Arya is leaving Globus to start a new venture in food retailing and has tied-up investments. When contacted, Mr Arya said that he would not like to comment at the moment.

Mr Arya has been with the Rajan Raheja Group for over a decade and was previously involved with Asianet Cable operations following the acquisition of the same in the mid 90s.

He has been spearheading Globus, which opened its first store in Indore in 1999. Today, the chain has seven stores in five cities including Delhi, Mumbai, Chennai and Bangalore.

Globus has two stores each in Chennai and Bangalore, and has been looking at strengthening its presence in the existing markets before foraying into other metros and mini-metros.

It has stated plans to unveil three to four new stores annually as part of the expansion drive.

The company retails its own in-store labels — Globus and Fashion 21 — as well as leading national and multinational brands in the men's wear and women's wear category.

The retail chain's focus is on affordably priced fashion apparel catering to 18 to 35 years.