BS Nagesh steps down as Chairman, Shoppers Stop after over three decades of service

18 July, Mumbai 2025

After serving for more than three decades, BS Nagesh has stepped down from his position as the Chairman, Shoppers Stop.

The Mumbai-based company's board has appointed Nirvik Singh, International President- Grey Group, as the new Chairman, effective July 18. Singh has served as a Director of Shoppers Stop since June 2008.

Nagesh was a founding member of Shoppers Stop, launched in 1991. Under his leadership, the company grew from a single Mumbai store to a national presence 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, establishing one of the country’s longest-running loyalty programs, and guiding the company through various consumption cycles. The company went public in 2003, with revenue growing from Rs 401 crore in FY04 to Rs 5,427 crore in FY25 during his tenure.

In the April-June quarter of this fiscal year, Shoppers Stop narrowed its net loss to Rs 18 crore, with overall revenue rising by 6 per cent to Rs 1,094 crore. This improvement was driven by affluent customers purchasing luxury watches and trendy apparel. Kavindra Mishra, CEO, noted, the company’s focus on high-end products is paying off, with premium brands now accounting for 67 per cent of department store sales.

Intune recorded Rs 68 crore in sales in the April-June quarter, doubling year-on-year, and expanded to 75 stores. Sales from the beauty distribution business increased by 117 per cent to Rs 84 crore, while the core beauty segment grew 2 per cent to Rs 219 crore. Private brands also gained traction, generating Rs 156 crore in the June quarter, accounting for 13 per cent of total sales.

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