The board of directors accepted Nair's resignation to enable him "to spend more time with his family and explore other options.”

“To ensure a seamless transition, he will continue to guide and advice the chief executive director (CEO) over the next 6 months, in his capacity as a company official,” the firm stated in the press release.

Meanwhile, the company promoted Kavindra Mishra, the chief commercial officer and CEO of Homestop, as its executive director & CEO for a period of three years, effective from 1 September 2023.

Before joining Shoppers Stop as chief commercial officer and CEO of Homestop, Kavindra Mishra was working as the managing director and CEO of House of Anita Dongre, which has brands like AND, Anita Dongre, and Global Desi.

Prior to that Mishra served as the managing director at Pepe Jeans India for a period of 6 years and managed the transition of the company from a JV to a 100% subsidiary of Pepe Jeans Global.

He is a Post Graduate Diploma holder from the Indian Institute of Management, Bangalore, who started his retail career with ABFRL. He started there with Allen Solly, before heading their Middle East Business. He has total work experience of more than 24 years.

Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands. The company reported 36.5% decline in consolidated net profit to Rs 14.49 crore in Q1 FY24 from Rs 22.83 crore recorded in Q1 FY23. Revenue from operations grew by 4.8% year on year to Rs 993.61 crore in the quarter ended 30 June 2023.