Shoemaker and retailer Bata India has appointed Amit Aggarwal as the whole time director and chief financial officer of the company with effect from 23 December 2024. Durgesh Singh, who was appointed as CFO, with effect from 1 December 2024, to facilitate smooth transition upon induction of Director Finance and CFO in due course, has now accordingly ceased to hold the position.
Aggarwal has over 20 of extensive experience in financial management, business strategy and digital transformation across the FMCG and D2C sectors. He brings expertise in driving profitability, optimizing costs, mitigating risks and strengthening governance frameworks. A qualified chartered accountant (ICAI, 2002) with an advanced general management certification from IIM Kolkata, Aggarwal combines technical proficiency with visionary leadership to deliver impactful results, the company said.
Aggarwal joins Bata from SUGAR Cosmetics (Vellvette Lifestyle Private Limited) where he was working as CFO. He has previously worked with organizations like Marico Limited, Nestle India Limited and PwC, at various positions including Head Finance, Head – Corporate Finance and Internal Audit.
Bata India has been struggling to maintain its dominance in the low-priced segment of the market, according to a recent Moneycontrol report that cited analysts. Analysts attribute Bata’s steady decline to a combination of factors, including its growing reliance on franchise stores and e-commerce, aided by rising raw material costs, the report added. The affordable segment, bracketed below Rs 1,000, which used to make up 50 percent of its sales before Covid, now contributes only 30 percent.
The 130-year-old brand is still the largest footwear retailer and biggest manufacturer in the Indian footwear industry with more than 1,900 retail stores across 1,500 towns, including franchisees in FY24. Bata India sells close to 50 million pairs annually.