Mumbai: The Retailers Association of India (RAI) successfully hosted the 'Retail CFO Summit 2024' in Mumbai on August 22, 2024. This prestigious event brought together an array of CFOs, CEOs, and finance leaders from across the retail industry. The summit centered on the compelling theme: New CFO Checklist: A Roadmap for 10x Growth.

As the retail landscape continues to evolve, the role of the CFO is becoming increasingly critical, with a strong focus on embracing digital innovation, ensuring economic resilience, and driving sustainable growth. The 'Retail CFO Summit 2024' provided a platform to explore these essential elements, offering industry leaders a unique opportunity to exchange ideas, learn from best practices, and strategize for the future.

Throughout the day, engaging panel discussions addressed key topics aligned with the summit’s core theme. Noteworthy sessions included in-depth discussions on the strategic role of CFOs in advancing digital transformation, strengthening leadership and human capital, navigating regulatory compliance and risk management, and crafting future-ready financial strategies.

The event underscored the importance of forward-thinking financial leadership in driving exponential growth and preparing the retail sector for the challenges and opportunities ahead.

Speaking about the Retail CFO Summit 2024, Kumar Rajagopalan - Chief Executive Officer, Retailers Association of India (RAI), said, "As the retail sector undergoes rapid transformation, the role of the CFO is not just to manage finances but to spearhead innovation, ensure resilience, and drive sustainable growth. The integration of advanced technologies is becoming indispensable, as it allows CFOs to create strategies that align with evolving market dynamics while maintaining robust regulatory compliance. Today’s retail CFOs must balance financial performance with environmental responsibility, ensuring that their organisations are not only profitable but also sustainable in the long run. This summit is a testament to the critical role that financial leadership plays in shaping the future of retail."

The summit boasted a stellar line up of speakers, including Amit Agarwal, Group CFO, Raymond; Anand Agarwal, CFO, V-Mart Retail; Anish Jhaveri, CFO, Spykar Lifestyles; Girdhar Chitlangia, CFO, Arvind Fashions; Jayesh Patel, CFO & Head - Logistic, Globus Stores; Kaushal Parekh, CFO, Metro Brands; Kiran Shinde, CFO, PMJ Jewels; Naveen Golchha, CFO, Apparel Group India; Pramod Dangaich, CFO, Infiniti Retail (Croma); Rajesh Annamalai, CFO (Ethnic Business), Aditya Birla Fashion and Retail; Rajesh Mohta, CFO, Specialty Restaurant; Sameer Patel, CFO, Restaurant Brands Asia (Burger King) among many others.

Throughout the day, engaging panel discussions addressed key topics aligned with the summit’s core theme. Noteworthy sessions included in-depth discussions on topics like New CFO Checklist - A Roadmap for 10x Growth; Green Growth and Sustainable Development; GST 2.0 - The changes and challenges for taxpayers, Leveraging AI and Automation for Financial Efficiency, Strengthening Regulatory Compliance - Beyond the Basics, to name a few. 

Speaking about the retail industry outlook at the summit, Hrushit Shah - CFO, Westlife Food World Ltd., said, "The retail industry is at a crossroads where financial leadership needs to evolve to meet the challenges of a digital-first world. Our focus must shift towards integrating technological advancements with financial strategies to enhance efficiency and foster growth. This summit highlights the need for CFOs to lead with agility and foresight, ensuring that we not only navigate uncertainties but also capitalize on emerging opportunities."

Kiran Shinde - CFO, PMJ Jewels, said, "In the dynamic retail industry, the ability to navigate complexities requires a deep commitment to financial excellence and innovation. As CFOs, we are uniquely positioned to steer our organizations through the challenges of today’s market by leveraging financial insights to drive strategic decisions. Our role is critical in ensuring that our companies not only adapt to changing consumer behaviors and economic conditions but also remain resilient and poised for future growth. By fostering a culture of innovation and embracing new financial tools, we can lay the groundwork for long-term success in the retail sector."

Anand Agarwal - CFO, V-Mart Retail Ltd., said, "In the rapidly evolving retail sector, the role of the CFO has expanded beyond traditional financial stewardship. Today, we must be at the forefront of driving industry-wide innovation, harnessing technology, and utilizing data analytics to make informed decisions. Our responsibility is to ensure not just the financial stability of our organizations, but also to anticipate and adapt to market trends, enhance operational efficiency, and create value for customers. The future of retail will be shaped by those who can seamlessly integrate these elements into their strategic planning, ensuring sustainable growth in an increasingly competitive environment."

RAI's Retail CFO Summit has established itself as a pivotal annual event for the retail finance community, providing a platform to explore opportunities, discuss industry

reforms, and share best practices on achieving rapid yet sustainable growth.