B.S. Nagesh Steps Down as Chairman of Shoppers Stop After Over 30 Years
B.S. Nagesh has retired as chairman of Shoppers Stop Ltd, bringing to a close a journey of more than three decades with the company. The announcement was made during the company's annual general meeting on Thursday. Nagesh's exit marks a significant leadership transition at a time when the retailer is dealing with increased competition and several top-level departures.
Nagesh was among the founding members who launched Shoppers Stop in 1991. Under his leadership, the company grew from a single store in Mumbai to a presence across 70 cities with 299 outlets, including department stores, value-fashion stores under the Intune brand, and beauty retail spaces. He played a pivotal role in introducing international brands to the Indian market, building a successful loyalty programme, and navigating economic shifts in consumer spending. Shoppers Stop, part of the K Raheja Corp group, went public in 2003. From FY04 to FY25, revenue rose from INR 401 crore to INR 5,427 crore.
Following his retirement, Nirvik Singh has been appointed as the new chairman. Singh, who is international president at Grey Group, has served as a director at Shoppers Stop since 2008. His appointment took effect on 18 July.
The company's recent quarterly performance showed improvement, with revenue rising 6 percent to INR 1,094 crore. Net loss narrowed to INR 18 crore, supported by strong demand for luxury and fashion products. CEO Kavindra Mishra highlighted that premium brands now contribute 67 percent of department store sales, indicating a shift in consumer preferences.
Despite these gains, the company has faced internal challenges. The last fiscal year saw six senior-level resignations, including top roles in marketing, e-commerce, and human resources. The company responded with new appointments, such as Jiten Mahendra and Mohit Seth, in July 2024. Mishra, initially hired as chief operating officer, was elevated to CEO after Venu Nair's exit, becoming the third person to hold the position in five years.
The First Citizen loyalty programme continues to anchor customer retention, contributing 85 percent of overall sales. Among these, 70 percent came from repeat buyers.
Shoppers Stop is focusing on its Intune and beauty verticals to expand its revenue base. Intune posted INR 68 crore in sales during the April to June quarter, doubling from last year. Its beauty business reported INR 219 crore in sales. Meanwhile, private brands contributed INR 156 crore, with growth driven by kidswear and women's western apparel.
While facing stiff competition from Trent's Zudio, Shoppers Stop's newer verticals continue to build momentum.
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