Mahindra Retail ropes in Prakash Wakankar as new CEO

Mahindra Retail has brought in Prakash Wakankar from its PE equity arm

Mahindra Partners to replace K Venkataraman as the Chief Executive Officer of the company. Mahindra Retail runs the Mom and Me and Beanstalk chain of stores. Wakankar is the former CEO of the Indian business of confectionery maker Perfetti Van Melle and also headed Mahindra Holidays and Resorts for a brief while more than a decade ago.

After launching its retail arm in 2009, Mahindra Retail carried out rapid expansion by opening over 140 stores but realized that the demand was not as strong as the company expected. For the year ended March 2013, Mahindra Retail reported a loss of Rs 114.1 crores on sales of Rs 196.7 crores, according to documents with the Registrar of Companies.

Estimated at Rs 25,000 crores, kids’ wear retail is pegged to grow at 20 percent annually. After crossing the 100 stores mark, Mom & Me stores is now using the franchise model to expand footprint into newer territories. It will open 20 franchise stores in smaller towns like Kolhapur and Solapur and also in the Northeastern states. They intend to focus on product procurement and sourcing while leaving the retail angle of the business to franchises.