Sundeep Malhotra, founder and former CEO, Homeshop18, has quit.
Network18 has appointed Sanjeev Agrawal as CEO of Homeshop18. He replaces Sundeep Malhotra who has decided to move on from the company.
Malhotra, founder and CEO, Homeshop18, will mentor Sanjeev over the next several months while he transitions to another entrepreneurial opportunity within or outside RIL retail.
HomeShop18 is a comprehensive digital commerce player, selling brands to customers nationally, and operating in a multimedia environment including internet, TV and mobile. SAIF Partners, G S Home Shopping of Korea and OCP Asia are the partners in Homeshop18.
AP Parigi, group CEO, Network18, says, "On behalf of the Board of the Homeshop18 and our valued partners SAIF, GS Home Shopping and OCP Asia, I wish to place on record the outstanding contributions made by Sundeep in establishing Homeshop18 as one of India's premium brands. I am delighted to welcome Sanjeev Agrawal to the Network18 Group. I wish him every success in his new role."
Malhotra comments, "It's been an amazing nine-year journey, and I feel privileged and blessed to have got this opportunity to not just build an outstanding business, but to have worked alongside some of the finest colleagues, talent, investors and associates, without whose help this journey would not have been possible. Homeshop18 is today the undisputed market leader in the TV shopping genre, and I wish Sanjeev and the entire team all the very best for the future."
Commenting on his new role, Agrawal says, "Homeshop18 is a pioneer in its field and has a unique business model; full credit to Sundeep and team to have built this business. Both the consumer and the industry are evolving at a rapid pace. I see Homeshop18 at the forefront of driving this change and maximising the opportunity. I am excited to be a part of this journey."
He comes with over 26 years of experience across the FMCG, fashion and retail sectors. He is an alumnus of the Institute of Technology, BHU (1982-86) and Indian Institute of Management, Lucknow (1987-89). Prior to joining Skechers, he has held senior leadership positions at Future Value Retail and Pantaloon Retail, besides his FMCG stints at Balsara, Revlon, P&G, Godrej and HUL.