BS Nagesh has stepped down as chairman of Shoppers Stop Ltd after serving the company for over 30 years. The announcement was made during the company’s annual general meeting, marking the end of a significant leadership chapter.
Nagesh was a founding member who played a central role in launching Shoppers Stop in 1991. From one store in Mumbai, he helped grow the retail chain to nearly 300 outlets in 70 cities. His leadership saw the brand introduce global labels to India and build one of the country’s most successful loyalty programmes.
Business Legacy Builds
Under Nagesh’s guidance, Shoppers Stop went public in 2003. The company’s revenue jumped from Rs 401 crore in FY04 to Rs 5,427 crore in FY25. His efforts were crucial in navigating economic ups and downs and adapting to consumer behavior changes over time.
Following his retirement, Nirvik Singh has taken over as chairman. Singh has been a board member since 2008 and is also the international president at Grey Group. His appointment was effective from July 18.
Performance Trends Rise
The company’s recent quarterly results show promising signs. Revenue rose by 6 percent to Rs 1,094 crore. Net losses narrowed to Rs 18 crore, driven by strong demand for premium and luxury fashion. CEO Kavindra Mishra pointed out that high-end brands now make up 67 percent of department store sales.
The loyalty programme “First Citizen” continues to be a strong pillar, accounting for 85 percent of total sales. Notably, 70 percent of these sales come from repeat customers, highlighting strong consumer trust in the brand.
Internal Shakeups Continue
Despite this progress, the retailer has faced internal instability. Over the last financial year, six senior executives left the company, including top roles in marketing, HR, and e-commerce. The firm responded with fresh appointments such as Jiten Mahendra and Mohit Seth. Kavindra Mishra, who joined as COO, was promoted to CEO after Venu Nair’s departure—the third leadership change in five years.
Shoppers Stop is now focused on growth through its Intune value-fashion line and beauty retail vertical. Intune recorded Rs 68 crore in sales from April to June, doubling from last year. Beauty products brought in Rs 219 crore, and private labels added another Rs 156 crore, mainly led by kidswear and women’s fashion.
Facing New Rivals
In the current retail landscape, Shoppers Stop faces fierce competition from brands like Trent’s Zudio, Reliance’s Yousta, and its own Intune vertical. While Zudio’s rapid growth poses a challenge, Intune’s recent performance shows promise. The retailer is betting on premiumisation, innovation, and deeper customer relationships to stay ahead in India’s evolving fashion market.
