V-Mart Retail Ltd has named Future Group’s head of north India, Vineet Jain, as the new chief operating officer in a move to bolster the leadership team of the value retailer.
Jain, CEO of north India for Future Group, has joined the Gurgaon-headquartered V-Mart earlier this month and will report to V-Mart’s founder Lalit Agarwal.
Jain has been a Future Group veteran for 17 years and had risen through the ranks to head north India for the Future Group. He is credited to have played a pivotal role over the years in the expansion of the group’s footprint in the crucial northern markets including the important market of Delhi-NCR.
The Kishore Biyani-led Future Group has lately been facing a liquidity crunch amid the coronavirus pandemic that prompted it to agree to sell its assets to rival Reliance Retail for Rs 24,713 Cr. V-Mart, meanwhile operates more than 200 outlets in more than 170 towns in 17 states mainly selling value-based apparel, footwear, accessories, and home products. The Indian retail sector has fared relatively well when we consider the circumstances in 2020 and Jain’s experience will come in handy to help the value retailer maintain this streak in the coming months.