Avenue Supermarts Ltd., the parent company of retail chain DMart, has appointed Anshul Asawa as its CEO-designate. Asawa, who brings 30 years of experience from Unilever Plc, will join as CEO-designate in March 2025 and officially take over from Ignatius Navil Noronha in February 2026, according to a company filing on Saturday. Noronha, who holds a 1.95% stake in DMart, will continue to serve as CEO in the interim. The company also announced the promotion of two executives to senior management positions.
DMart’s third-quarter profit increased by 6.5%, reaching 7.85 billion rupees ($91 million), though it missed analysts’ expectations for the ninth consecutive quarter. This marks the third quarter in a row of slower profit growth. DMart’s shares fell 13% in 2024, underperforming the benchmark NSE Nifty 50 Index, which gained around 9%. Investor concerns have risen as e-commerce platforms like Swiggy’s Instamart and Zomato’s BlinkIt expand their rapid delivery services, potentially capturing market share from physical stores. Founded by Radhakishan Damani, DMart has faced heightened competition and increased discounting in the FMCG sector, particularly in metro areas, though the impact has slightly lessened in the latest quarter.
The management changes come as traditional retail chains in India contend with rising competition from digital platforms. Food delivery services are scaling their quick-commerce businesses, and e-commerce giants such as Amazon are entering the rapid delivery market.
Asawa, currently the country head of Unilever in Thailand and general manager of the home care business unit for Greater Asia, has extensive experience across Asia and Europe. DMart highlighted that its home delivery business now significantly outpaces its pick-up point sales, with several towns now offering only home delivery. The company reported a 21.5% increase in sales at DMart Ready, its online platform, for the nine months ending December 31.