Financial Daily from THE HINDU group of publications
Saturday, Sep 13, 2003
Financial Daily from THE HINDU group of publications Saturday, Sep 13, 2003 |
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Readymade Garments Corporate - People Nedungadi quits Madura Garments Boby Kurian
Bangalore , Sept. 12 THE A V Birla Group managed Madura Garments will see a change of guard at the top with Mr Prakash Nedungadi quitting the post of President. Mr Nedungadi steered the domestic branded apparel major for three years following its acquisition by A V Birla from UK's Coat Plc in 1999 Mr Nedungadi informed the company staff about his decision to leave through an internal address today afternoon. He said the decision to step down was part of a career move and purely personal. He is expected to take up a new assignment abroad and most probably not in the garment sector. It is not clear who will succeed Mr Nedungadi even though Mr Vikram Rao, Group Executive President, Indian Rayon, informed the company management that A V Birla Group would find a replacement for top man shortly. Speculation is also rife that Mr Rao, who has been actively involved with the affairs of Madura Garments, in the past 18 months might assume complete charge now. Mr Nedungadi joined Madura garments from Gillette. He has had a mixed tenure at the helm of India's largest branded apparel business with annual revenues topping Rs 350 crore. After a flourishing start in 2000-01 when he set the company on a 30 per cent growth curve, business plan went awfully wrong as the company slowed down in the next two years due to significant reduction in consumer spending on cloths. In fact, during 2002-03, the company's leading menswear brands came under considerable pressure and most of them posted negative growth. The setback suffered by the company's mass priced brand, Peter England, was the highlight of the year, which was easily the worst in the history of Madura Garments. The cumulative impact was that the company missed Rs 500-crore topline target set for March 31, 2003.
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