Shoppers Stop falls 11% after Venugopal Nair quits; Kavindra Mishra promoted as chief

The company said that Mishra’s term will be for a duration of three years after Nair’s resignation becomes effective on 31st August.

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Shoppers Stop shares declined 11 percent in the morning trade on August 25 after the retail major announced that Venugopal Nair had tendered his resignation as the managing director.

The company said that he will be replaced by Kavindra Mishra, the chief commercial officer of its in-house brand HomeStop, who has now been promoted to the designation of executive director and chief executive officer.

In a press filing at the exchanges, the company said that Mishra’s term will be for a duration of three years after Nair’s resignation becomes effective on August 31. It said that Nair was stepping down due to personal reasons, to
enable him to spend more time with his family and explore other options.

At 11.45am on the NSE, the Shoppers Stop stock was quoting at Rs 727.80, down 10.40 percent, or Rs 84.45.

The company reported a 4.85 percent year-on-year increase in revenue from operations at Rs 994 crore for the first quarter of FY24. Net profit for the quarter was down 39.13 percent YoY to Rs 14 crore and the operating profit margins for the quarter remained flat at 17 percent.

Shoppers Stop is engaged in retail operations of a variety of products such as apparel, accessories, cosmetics, and home furnishings.  It operates a total of 270 retail outlets, consisting of 98 departmental stores, 132 specialty beauty stores housing brands like MAC, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, and SS Beauty, along with 23 outlets located in airports.

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