Sundeep Malhotra, founder and CEO of television shopping and e-commerce firm HomeShop18, has resigned from the company. Sanjeev Agrawal, an FMCG and retail industry veteran, who was serving as managing director of Skechers South Asia—global footwear firm Skechers' regional arm—has been appointed as the new chief executive.
Malhotra will stay with the company for a couple of months before transitioning out.
The development comes nearly a year after the Mukesh Ambani-led Reliance Industries Ltd (RIL) completed a previously struck deal to take control of Network18 Media. Network18 is a shareholder in various media businesses besides owning a significant stake in digital commerce ventures HomeShop18 and BookMyShow.
HomeShop18, which is headquartered in Noida, is operated by TV18 Home Shopping Network Ltd, which in turn is owned by Cyprus-based holding entity NW18 HSN Holdings PLC (formerly TV18 HSN Holdings Ltd). This entity is a step-down subsidiary of Network18 (through Network18 Holdings Ltd, Mauritius) and counts SAIF Partners, OCP and GS Home Shopping as minority shareholders.
In late 2014, HomeShop18 had scrapped its proposed public issue which sought to raise $75 million through a listing on the New York Stock Exchange (NYSE), including offer for sale by some shareholders such as Malhotra and parent Network18. HomeShop18 competes with the likes of StarCJ and Naaptol.
Meanwhile, Agrawal taking over the reins at HomeShop18 marks his return to the retail sector. An alumnus of the Indian Institute of Technology, BHU and Indian Institute of Management, Lucknow, Agrawal comes with over 14 years of experience in the retail industry, having held leadership positions at various firms.
Before joining Skechers South Asia in February 2012, he was joint CEO of Future Value Retail. Prior to that he was CEO of Pantaloons Retail, an apparel retail chain that was subsequently sold off to Aditya Birla Group.
In the past, he has also worked at marketing units of FMCG firms such as Balsara, Godrej Soaps, Modi Revlon, Hindustan Lever and P&G.
(Edited by Joby Puthuparampil Johnson)