Latest news with #BSNagesh
Time of India
18-07-2025
- Business
- Time of India
Shoppers Stop net loss narrows to Rs 15.74 cr in Q1
Retail chain Shoppers Stop Ltd on Thursday reported a narrowing of consolidated net loss to Rs 15.74 crore in the first quarter ended June 30, 2025. The company, which had posted a consolidated net loss of Rs 22.72 crore in the first quarter last fiscal, said its long-serving chairman B S Nagesh will retire from the post after 34 years of service. Consolidated revenue from operations stood at Rs 1,161.08 crore in the first quarter against Rs 1,069.31 crore in the year-ago period, Shoppers Stop Ltd said in a regulatory filing. Total expenses in the quarter under review were higher at Rs 1,192.06 crore compared with Rs 1,104.51 crore in the year-ago period, the company said. Shoppers Stop Managing Director and Chief Executive Officer Kavindra Mishra said the company witnessed sales growth in the quarter, driven by premiumisation. "Consumers are becoming more discerning and are willing to spend more. In a crowded marketplace, premiumisation allows retailers to stand out," he added. Private brand sales at Rs 156 crore with a volume growth of 18 per cent in apparel, improved contribution and overall profitability. On the other key verticals, beauty delivered Rs 219 crore with a growth of 2 per cent, Mishra noted. On the way forward, he said, "We believe our work and strategies on premiumisation will continue to have better results soon, and besides to focus on offering higher-quality products." Shoppers Stop said the retirement of Nagesh has become effective July 17, 2025, and Nirvik Singh will be the new chairman effective July 18, 2025.
Entrepreneur
18-07-2025
- Business
- Entrepreneur
B.S. Nagesh Steps Down as Chairman of Shoppers Stop After Over 30 Years
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. 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.
News18
17-07-2025
- Business
- News18
Shoppers Stop net loss narrows to Rs 15.74 cr in Q1
Agency: Last Updated: New Delhi, Jul 17 (PTI) Retail chain Shoppers Stop Ltd on Thursday reported a narrowing of consolidated net loss to Rs 15.74 crore in the first quarter ended June 30, 2025. The company, which had posted a consolidated net loss of Rs 22.72 crore in the first quarter last fiscal, said its long-serving chairman B S Nagesh will retire from the post after 34 years of service. Consolidated revenue from operations stood at Rs 1,161.08 crore in the first quarter against Rs 1,069.31 crore in the year-ago period, Shoppers Stop Ltd said in a regulatory filing. Total expenses in the quarter under review were higher at Rs 1,192.06 crore compared with Rs 1,104.51 crore in the year-ago period, the company said. Shoppers Stop Managing Director and Chief Executive Officer Kavindra Mishra said the company witnessed sales growth in the quarter, driven by premiumisation. 'Consumers are becoming more discerning and are willing to spend more. In a crowded marketplace, premiumisation allows retailers to stand out," he added. Private brand sales at Rs 156 crore with a volume growth of 18 per cent in apparel, improved contribution and overall profitability. On the other key verticals, beauty delivered Rs 219 crore with a growth of 2 per cent, Mishra noted. On the way forward, he said, 'We believe our work and strategies on premiumisation will continue to have better results soon, and besides to focus on offering higher-quality products." Shoppers Stop said the retirement of Nagesh has become effective July 17, 2025, and Nirvik Singh will be the new chairman effective July 18, 2025. PTI RKL SHW view comments First Published: July 17, 2025, 20:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
