Shoppers Stop's long-serving chairman Nagesh quits amid leadership churn
The Mumbai-based company's board has appointed Nirvik Singh, international president at advertising and marketing agency Grey Group, as the new chairman effective 18 July, it said in a statement. Singh has been the director of Shoppers Stop since June 2008.
Nagesh was part of the founding team that launched Shoppers Stop in 1991. Under his leadership, the company expanded from a single store in Mumbai to a national footprint of 299 stores across 70 cities, including 112 department stores, 75 Intune value-fashion outlets, and 82 beauty stores.
He is credited with introducing global brands to India, building one of the country's longest-running loyalty programmes, and steering the company through multiple consumption cycles. The company, a retail arm of the K Raheja Corp, went public in 2003. Since then, the company's revenue grew from ₹ 401 crore in FY04 to ₹ 5,427 crore in FY25 during his tenure.
Shares of Shoppers Stop settled 0.6% higher at ₹ 579.45 apiece on the National Stock Exchange on Thursday.
In the April-June quarter of this fiscal year, Shoppers Stop narrowed its net loss as affluent customers spent on luxury watches, and trendy apparel to drive revenue growth. Its overall revenue rose 6% to ₹ 1,094 crore, and net loss narrowed to ₹ 18 crore during the quarter. Its CEO Kavindra Mishra said Shoppers Stop's focus on high-end products is paying off, with premium brands now accounting for 67% of department store sales. 'Consumers are becoming more discerning and are willing to spend more. In a crowded marketplace, premiumisation allows retailers to stand out,' he said in the statement.
According to the company's FY25 annual report, Shoppers Stop saw six senior-level exits last fiscal. Chief human resources officer Venkatesh Raja resigned in January, and departed in April, chief marketing officer Shwetal Basu in July 2024, and chief E-commerce officer Sreekanth Chetlur in mid-2024.
The private brands division saw two consecutive departures - Ajay Chablani in November and Rajan Sharma in March. The company also had three company secretaries over six months, with Rakeshkumar Saini appointed in January 2025.
These exits prompted the company to make new appointments, including Jiten Mahendra as chief marketing and communication officer and Mohit Seth as chief – external brands, both in July 2024.
Kavindra Mishra, initially hired as chief operating officer, was elevated to managing director and chief executive officer within a few weeks of Venu Nair's exit. Mishra is the third CEO in five years.
The First Citizen loyalty programme remained a key driver, contributing 85% to overall sales. Of this, 70% came from repeat customers, suggesting strong retention, while 15% came from new members, pointing to modest fresh acquisition.
To diversify its revenue mix, Shoppers Stop is leaning on two verticals: Intune, its value-fashion chain, and beauty retail.
Intune posted ₹ 68 crore in sales in the April-June quarter, doubling year-on-year, and adding four new stores, taking the total to 75. The beauty distribution business, operated through a subsidiary, delivered ₹ 84 crore in sales, up 117%, driven by new brand launches and expanded reach. The core beauty segment, excluding distribution, contributed ₹ 219 crore, growing 2% year-on-year.
Private brands also saw traction, bringing in ₹ 156 crore in the June quarter. These accounted for 13% of total sales and 18% of apparel sales. Volume growth in apparel stood at 18%, led by strong performance in kidswear and women's western wear, indicating a shift in consumer preference toward in-house labels.
Intune competes directly with Trent's Zudio and Westside. Zudio, launched in 2016, has become Trent's primary growth engine, contributing over half of the company's fashion revenues and crossing ₹ 8,300 crore in annual sales in FY25. The brand added 244 stores during the year, expanding to 765 outlets across 235 cities, including two overseas locations. In contrast, Intune is still in its early growth phase, operating 75 stores across 33 cities as of June. It posted ₹ 192 crore in revenue in FY25, and sales of ₹ 68 crore in the first quarter of FY26. While Zudio has built scale and density, Intune's footprint remains concentrated in tier-1 and tier- cities, limiting its reach in smaller markets where value fashion is gaining momentum.
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