B.S. Nagesh, a stalwart of Indian retail and founding member of Shoppers Stop Ltd, has stepped down as chairman of the company after more than 30 years at the helm. His retirement, announced during the company’s annual general meeting on Thursday, signals the end of a significant chapter for one of India’s pioneering department store chains.
In a board-approved transition, Nirvik Singh—international president at advertising and marketing firm Grey Group and a board member at Shoppers Stop since 2008—has been appointed chairman with effect from July 18.
Nagesh co-founded Shoppers Stop in 1991, overseeing its transformation from a single Mumbai store to a nationwide retail network spanning 299 outlets across 70 cities. This includes 112 department stores, 75 Intune value-fashion stores, and 82 beauty format stores.
During his tenure, Nagesh played a critical role in bringing global brands to India, establishing one of the country’s most enduring loyalty programs, and navigating the business through various consumption cycles. The company listed on the stock exchanges in 2003 and reported revenue growth from ₹401 crore in FY04 to Rs. 5,427 crore in FY25 under his leadership.
His departure comes at a time when Shoppers Stop is contending with intensifying market competition and internal churn. According to its FY25 annual report, the company saw six senior-level exits during the last fiscal.
