B.S. Nagesh Retires as Chairman of Shoppers Stop After Over Three Decades of Leadership

In a landmark leadership transition, B.S. Nagesh, one of the founding figures of Shoppers Stop Ltd, has stepped down as Chairman, concluding a distinguished tenure spanning more than 30 years. The announcement was made during the company's Annual General Meeting on Thursday, marking the end of an era for one of India's most prominent retail pioneers.

Nagesh played an instrumental role in shaping India’s organized retail landscape. Since co-founding Shoppers Stop in 1991, he led the company from a single outlet in Mumbai to a nationwide presence with 299 stores across 70 cities, encompassing department stores, value-fashion chain Intune, and a growing beauty retail business. Under his leadership, the company introduced international brands to Indian consumers, launched the successful First Citizen loyalty program, and weathered multiple economic shifts and retail disruptions.

During his tenure, Shoppers Stop went public in 2003. Revenues grew from ₹401 crore in FY2004 to ₹5,427 crore in FY2025, a testament to the company’s sustained growth and evolving business strategy.

Stepping into the role of chairman is Nirvik Singh, International President at Grey Group and a long-serving director at Shoppers Stop since 2008. His appointment became effective July 18, signaling a new phase for the company as it navigates intensifying competition and internal restructuring.

The leadership change comes at a critical time. The company has seen six senior-level exits over the past fiscal year, including heads of marketing, e-commerce, and HR. In response, key hires such as Jiten Mahendra and Mohit Seth were brought on in mid-2024 to stabilize leadership. Kavindra Mishra, initially appointed COO, was promoted to CEO after the exit of Venu Nair—becoming the third CEO in five years.

Despite these challenges, Shoppers Stop's latest quarterly performance offers signs of recovery. Revenue for the April–June quarter rose 6% to ₹1,094 crore, while net loss narrowed to ₹18 crore, driven by strong demand in luxury and fashion categories. Premium brands now account for 67% of department store sales, reflecting a clear shift in consumer preference.

The company continues to lean on its First Citizen program, which now contributes 85% of total sales, with 70% of those from repeat customers.

Looking ahead, Shoppers Stop is banking on growth from its Intune and beauty verticals. Intune reported ₹68 crore in sales, doubling year-on-year, while the beauty segment contributed ₹219 crore. Its private label offerings added another ₹156 crore, with strong demand in kidswear and women’s western apparel.

Even as competition intensifies from rivals like Trent’s Zudio, Shoppers Stop is betting that renewed leadership and strategic focus on high-growth categories will keep the brand relevant in India's rapidly evolving retail market.