In another high profile exit to the retail industry, Vineet Kapila, Coca Cola president South West Asia is exiting the cola giant to head the retail operations at Spencer?s retail.
Kapila who spent over eight years at the Cola giant was overseeing the operations in Nepal, Maldives and Sri Lanka will join as the CEO of the retail division.
Kapila is expected to join the company from the first of July.
Retail explosion in the country has resulted in poaching of all: top, middle rung and even the bottom level management from other sectors.
The retail company, which is a part of the RPG Group, has announced an investment of Rs 3,000 crore into its retail formats. Spencer?s currently has over 400 outlets with more than 15 hyper markets, 11 super markets and 374 daily and express stores across 55 cities in the country. The company has more than 2 million square feet retail area and is operating in 65 cities.
RPG group?s retail outlets include Music World, Books and RPG Cellucom currently stand at 550 in number, it is expected to grow to 2,000 stores by 2009 and 5,000 stores by 2011.
However both the sides couldn?t be reached for any comments.
According to industry buzz, the company has been in talks with several overseas brands for tie-ups in the country in food as well as the apparel segment. The company, which has achieved sales of over Rs 100 crore per month, is eyeing a monthly turnover of Rs 250 crore.