A famous shopping brand- Shoppers Stop Ltd recently announced the retirement of B.S. Nagesh as chairman during its annual general meeting held on Thursday. Nagesh, who was part of the founding team that launched the brand in 1991, stepped down after more than three decades of leadership.
During his tenure, he helped grow the retailer from a single store in Mumbai to a nationwide presence with 299 outlets across 70 cities, including 112 department stores, 75 Intune value-fashion stores, and 82 beauty-focused stores.
Who Is The New Chairman Of Shoppers Stop?
Following Nagesh’s retirement, the company’s board appointed Nirvik Singh as the new chairman, effective 18 July. Singh currently serves as international president at Grey Group and has been a director at Shoppers Stop since June 2008.
The appointment comes as the company faces intense competition and multiple senior-level resignations in recent months. Nagesh is credited with pioneering global retail brands in India and launching one of the country’s earliest customer loyalty programs. Under his leadership, revenue grew from Rs401 crore in FY04 to Rs5,427 crore in FY25.
In Q1 of FY26, Shoppers Stop recorded a 6% rise in revenue, reaching Rs1,094 crore. The net loss narrowed to Rs18 crore, buoyed by strong demand for luxury apparel and watches.
According to the FY25 annual report, six senior executives exited Shoppers Stop over the past fiscal year. Key resignations included CHRO Venkatesh Raja, who stepped down in April, and Chief Marketing Officer Shwetal Basu, who left in July 2024. Chief E-commerce Officer Sreekanth Chetlur resigned in mid-2024. The private brands vertical saw two leaders, Ajay Chablani and Rajan Sharma, exit within months. Three company secretaries also changed in six months, with Rakeshkumar Saini taking charge in January 2025.
Who Is The new CEO Of Shoppers Stop?
To stabilise leadership, the company appointed Jiten Mahendra as Chief Marketing and Communication Officer and Mohit Seth as Chief – External Brands in July 2024.
Kavindra Mishra, who initially joined as Chief Operating Officer, was quickly elevated to Managing Director and CEO after the exit of Venu Nair. Mishra is the third CEO to lead Shoppers Stop in the last five years.
Despite the churn, the company’s First Citizen loyalty programme contributed 85% to total sales, with 70% coming from repeat customers and 15% from new sign-ups.
Pressure from Zudio!
Intune faces direct competition from Zudio and Westside, operated by Trent. Zudio, launched in 2016, has become Trent’s growth engine, contributing more than half of its fashion revenue. In FY25, Zudio crossed Rs8,300 crore in annual sales and expanded to 765 stores in 235 cities, including international locations. In contrast, Intune remains in early stages with 75 outlets across 33 cities. It posted Rs192 crore in FY25 revenue and Rs68 crore in Q1FY26. While Zudio has achieved scale and reach, Intune remains concentrated in tier-1 and tier-2 markets.
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