Carrefour ropes in retail veteran to build India business from scratch

BENAGLURU: Carrefour has hired Saurabh Bansal as chief merchandising officer to spearhead the French retailer’s India launch, nabbing a veteran who just pulled off the rare feat of making Spencer’s Retail profitable for the first time in 22 quarters.

Bansal, who joined Carrefour in September after two years as executive director at Spencer’s, is tasked with building the hypermarket chain’s Indian operations from ground zero. His exit comes months after he steered Spencer’s to EBITDA profitability in the third quarter of fiscal 2024-25—a milestone the struggling retailer hadn’t touched since early 2019.

The 46-year-old has spent two decades hopscotching through India’s chaotic retail landscape, from Metro Cash and Carry to Walmart, with pit stops at Snapdeal and Lenskart. At Walmart, he juggled six mandates simultaneously, overseeing everything from staples and fresh produce to private labels and pricing strategy. His Snapdeal stint saw him lead the entire company’s profit-and-loss statement before the e-commerce firm’s fortunes nosedived.

Bansal cut his teeth at Spencer’s between 2006 and 2008, launching private labels and opening stores across India, before returning in 2023 to rescue the business. He also logged three years at Metro, where he opened two stores in north India and led the wholesale giant’s general merchandise expansion.

Carrefour’s India gambit comes as foreign retailers struggle to crack a market dominated by nimble local chains and deep-pocketed e-commerce giants. The French group exited India once before, selling its stake in a joint venture in 2014 after failing to make headway. This time round, it’s betting that Bansal’s track record of wringing profits from loss-making retailers will translate. History suggests otherwise, but hope springs eternal.