MAM
Cushman taps retail ace Sona Aggarwal to lead APAC’s shopfront strategy
MUMBAI: She’s opened stores, managed cross-border teams, and built brands now she’s opening new doors for Cushman & Wakefield. Cushman & Wakefield has appointed retail veteran Sona Aggarwal as managing director, head of retail sales and strategy, Asia Pacific, in a move that signals the real estate giant’s intensified focus on the region’s fast-evolving consumer landscape. Based in Singapore, Sona steps into a newly created role aimed at boosting retail growth across markets and connecting global clients with on-ground insights and solutions.
Sona brings over 25 years of experience in brand management and retail operations, having launched and scaled 200 plus stores across APAC and led cross-functional teams of 1,300 plus people. Her portfolio spans everything from beauty and apparel to healthcare, home furnishings, and watches, with deep expertise in tailoring go-to-market strategies for diverse local markets.
“This is a significant appointment for our retail business in Asia Pacific,” said Tenant Representation chief executive for India and SEA & APAC Anshul Jain. “Sona brings a client-side view sharpened by years at iconic global retail brands giving us the edge we need to evolve with the times.”
In her new role, Sona will spearhead Cushman & Wakefield’s APAC retail strategy, working closely with local teams to expand client partnerships and integrate the firm’s global retail insights with local execution. The focus: to unlock growth in both mature and emerging markets, and build a sustainable, future-ready retail platform.
“Retail has never been more dynamic,” Sona said. “Demographically and psychographically, the APAC region is undergoing a seismic shift. With a rising middle class, young digital natives, and a booming appetite for global and homegrown brands, this market is ripe with opportunity.”
She also pointed to outbound momentum: “The Western world is discovering Asia in new ways whether it’s in health and beauty, wellness, hospitality or F&B. At the same time, we’re seeing a tech-driven surge in categories like Auto and EV, and a growing need for differentiated luxury and financial experiences to match the rise of high-net-worth consumers.”
Sona’s mission? To stitch together Cushman & Wakefield’s operational scale, talent and data insights with local understanding to deliver retail strategies that are not just globally informed but culturally attuned.
As the lines between physical and digital retail blur, and consumption patterns evolve at warp speed, Cushman & Wakefield is betting on leaders who understand both the shop floor and the boardroom. And in Sona Aggarwal, they’ve found someone who’s fluent in both.
Brands
Lotus Chocolate FY26 profit drops sharply, Q4 slips into loss
Revenue steady at Rs 579.55 crore, Q4 loss at Rs 4.47 crore
MUMBAI: Sweet on the top line, slightly bitter on the bottom Lotus Chocolate’s FY26 numbers tell a story that’s more dark cocoa than milk. The company managed to hold its revenue steady for the year, but profitability took a visible hit, capped by a loss-making fourth quarter. Lotus Chocolate Company Limited reported revenue from operations of Rs 579.55 crore for the year ended March 31, 2026, marginally up from Rs 573.75 crore in FY25. Total income rose to Rs 615.61 crore, compared with Rs 574.56 crore in the previous year, supported by a sharp jump in other income to Rs 36.06 crore from just Rs 0.81 crore.
However, the gains at the top did little to cushion profitability. Net profit for FY26 fell dramatically to Rs 0.10 crore, down from Rs 17.23 crore in FY25, reflecting significant cost pressures across the business.
The March quarter proved particularly challenging. The company reported a net loss of Rs 4.47 crore in Q4 FY26, compared with a profit of Rs 0.14 crore in the previous quarter and Rs 1.42 crore in the same quarter last year. Total income for the quarter stood at Rs 138.01 crore, down from Rs 150.21 crore in Q3 FY26 and Rs 157.52 crore in Q4 FY25.
Expenses remained elevated throughout the year. Total expenses rose to Rs 614.44 crore in FY26 from Rs 551.50 crore in FY25, eating into margins. A key swing factor was the cost of materials consumed, which stood at Rs 304.44 crore, while changes in inventories also reflected volatility, with a negative impact of Rs 62.44 crore in the previous year reversing to a positive Rs 52.93 crore this year.
Employee benefit expenses nearly doubled to Rs 34.00 crore from Rs 17.98 crore, while finance costs surged to Rs 16.31 crore from Rs 7.11 crore, indicating higher borrowing and funding costs. Depreciation and amortisation expenses also increased to Rs 3.92 crore from Rs 1.81 crore, reflecting ongoing investments.
On the balance sheet front, total assets stood at Rs 275.96 crore as of March 31, 2026, slightly higher than Rs 270.34 crore a year earlier. Borrowings remained significant, with current borrowings at Rs 89.00 crore, highlighting continued reliance on external funding.
Cash flow dynamics showed improvement in operations, with net cash generated from operating activities at Rs 93.23 crore, compared with a negative Rs 129.60 crore in FY25. However, financing outflows remained high at Rs 74.90 crore, driven largely by repayment of borrowings and interest costs.
Despite stable revenue, the sharp drop in profitability underscores the pressure of rising input costs, higher finance expenses and operational adjustments. The contrast between steady sales and squeezed margins leaves Lotus Chocolate at a crossroads proving that in business, as in confectionery, the real test isn’t just in the sweetness of sales, but in the richness of returns.
