Expert Interview with Govind Shrikhande

Mr. Govind Shrikhande: Former MD Shoppers Stop

Que 1 How will you frame your journey in textiles and retail space from the beginning to the current date?

Answer: I call it a K3G “Kabhi Khushi Kabhi Gam“ Journey. My 38 Years of Working Life have been full of Ups and downs, Wins and Failures. Always exciting and challenging but never boring.

Que 2 What is the current scenario of India’s textiles and retail market?

Answer: The textile Industry in India has lost its sheen with many big players shutting down. Do you remember Binny’s Calico, DCM, Laxmi, etc.? Players like Mafatlal, and Garden lost their glory a long time ago. Raymonds, Vardhman, and Donear are survivors. Retail Market has grown post 2001 with new malls springing up in all major metros and mini metros. New Indian and international Brands have driven the growth across many categories. With the advent of Online shopping, the market has expanded at a fast pace.

Que 3 During your time as MD of Shoppers Stop, how did you leverage your insights from the textile industry to enhance the brand's offerings and maintain its competitive edge in the market?

Answer: Everything that you do in every business is to focus on understanding your customers and then orchestrate your offerings and services to win their hearts, minds, and purses. My Textile Insights helped me in picking the right merchandise assortment across all Apparel and Home categories. I believe that Retail is a Mix of Art, Science, and Maths. It is a Team Game that has to deliver Great Products, Service, and experience in Collaboration with Multiple Partners and Suppliers Every day of the week and week after week.

Que 4 Juggling factors like quality, affordability, and variety is a key challenge in retail. How did you navigate these dynamics within the textile department to meet diverse customer expectations?

Answer: There is no Textile Department Or Fabric Sales in a Modern Department Store. We sell Apparel and apparel Categories like Beauty, Home, Watches, Bags, etc. to cater to the modern customer. But managing the Width and depth of offering while managing quality, affordability, and variety is always a challenge. Focus on Target Customers, Tracking Trends and Sales analysis, and partnering with Brands and Suppliers to offer the best range is the way to win and retain Loyal customers.

Que 5 Looking ahead, what trends do you foresee shaping the textile industry, and how can retail leaders ensure their organizations remain ahead of the curve in embracing these changes?

Answer: Change is Constant. Embracing change and Being the Change agent is key to surviving and prospering in today’s dynamic world. New Trends and digital transformations have made the business environment challenging and require skill sets of a higher order than in the past. The Textile Industry is facing many challenges. With environmental care becoming a core philosophy for all businesses - adopting new technologies is a must. Recycling, Saving water, Organic Manufacturing, etc. will be key trends for the future.

Que 6 Any specific threat or roadblock that you see people currently facing or will face in the future?

Answer: The Inequality of Incomes and Policies Supporting the Textile Industry are key roadblocks for the Industry.

A message for our readers and aspiring entrepreneurs in the textile industry.

Answer: I always quote Steve Jobs's mantra “Stay Hungry. Stay Foolish“. It is important to keep learning and trying without fear of Failure.

Author: The Yarn Bazaar
Published By: The Yarn Bazaar