Friends, you must know about the mysterious death of (Cafe Coffee Day) CCD founder VG Siddharth. In May 2019, VG Siddharth, the founder of the world’s largest coffee chain, Cafe Coffee Day, sent a wave of shock across the country when it came to light. VG Siddhartha was a role model for young entrepreneurs. And people who want to start up.
Before committing suicide, he had written a note. He had written apologizing to was under pressure from the equity partners of the company, and pressure was also coming from the Income Tax Department. Some of his properties were also raided. After the disappearance of two, the shares of CCD fell which was already running in debt of 7000 crores. So after he left, no one was going to look after the CCD. Debt above 7000 crores and people were thinking that this is the end of CCD. but this is not the end.
Siddharth’s wife Malavika decided to take over the command of CCD. She joined CCD as a CEO. All this was not so easy. The one who will make everything right by assuring everyone. The debt of 7000 crores was reduced to 1731 crores by 2021. In 2 years, up to 75% of the debt was worked out, which is a big deal. A property in Bangalore which was the building of their head office, 50% of the CCD loans were repaid in between. they moved to a smaller office.
And they have decreased their 1752 outlets to 550 and vending units from 70000 to 60000.
Official Website of CCD https://www.cafecoffeeday.com/
Some functions and new products were also introduced in order to reduce the cost and increase revenue. So no matter what the friend’s business is and no matter how difficult it is, what cannot be done with good management and strategy.
So, friends, do you think that if VG Siddharth’s wife Malvika joins as the first CEO then the company will perform far better do let us know in the comments. Thanks for reading this article