RAI CFO Summit maps new journey for retail finance leaders

The Retailers Association of India (RAI) hosted the 'Retail CFO Summit 2023' in Mumbai on August 22, 2023, which saw the participation of retail CFOs, CEOs, and finance professionals. Central to the summit's discussions was the theme: 'Evolving Role of CFO: Preparing for Growth or Recession?'. 

The summit essentially aimed to showcase best practices in retail finance, identify growth tactics, and provide a vibrant forum for industry experts to collaborate, interact, and acquire insights. 

Speaking about the theme of the Retail CFO Summit 2023, Kumar Rajagopalan - Chief Executive Officer, Retailers Association of India (RAI), said, “In these transformative times, the CFO's role is not just about managing finances but about foreseeing the future and navigating the stormy seas of change. As the retail industry grapples with unprecedented challenges and 

opportunities, the 2023 CFO Summit is a beacon for finance leaders, illuminating the path towards sustainable growth amidst potential recessions. At RAI, we believe in empowering CFOs with the knowledge, tools, and networks to steer the retail sector into a prosperous future.”

The summit’s boasted line up of speakers included Amit Agarwal, Group CFO of Raymond Ltd.; Anand Agarwal, CFO of V-Mart Retail Ltd.; Angshuman Bhattacharya, National Leader for Consumer Products and Retail Sector at EY India; Girdhar Chitlangia, CFO of Arvind Fashions Ltd.; Karunakaran M, CFO of Shoppers Stop Ltd; Rahul Murarka, CFO of Vedant Fashions Ltd.; and Rajesh Annamalai, CFO of Aditya Birla Fashion and Retail Ltd., to name a few. 

Panel discussions and highlight sessions encompassed debates on pivotal topics like the CFO's role in regulatory compliance management, striking a balance between profitability and sustainable growth, the impact of technology and digital transformation, and strategies to identify revenue leakage and prevent loss. 

Speaking about the retail industry outlook at the summit, Angshuman Bhattacharya, National Leader - Consumer Products and Retail Sector, EY India, said, “The immediate few quarters have seen some growth challenges and rising questions around a slowdown. On the long term, this is India’s decade as per capita GDP crosses the 2500 USD2 inflection mark and the promise it holds for discretionary expenditure. India is the most promising retail market for the coming decade powered by digital and omnichannel models at the front and product and category innovation at the back end.” 

Anand Agarwal, CFO, V-Mart, added, “We're sitting on the cusp of a new revolution as far as India is concerned. The GDP is growing at a healthy rate and especially retail consumption is bound to grow as we see income levels rising, the savings rate getting stabilized and therefore the discretionary spend is bound to grow which obviously has to have a very strong repercussion on the overall retail consumption.”