India’s largest department store chain and homegrown “fashion startup retailer” Shoppers Stop has unveiled its “Version 2.0” under the leadership of MD & CEO Kavindra Mishra, who took over the reins in April 2024.
The chain, which operates over 100 stores across India began its journey in 1991 with its first store at Andheri, then a part of suburban Mumbai.
Over the next 20 years, Shoppers Stop, led by Retail veteran BS Nagesh as CEO and later as MD and now Vice-Chairman, went on to conquer the hearts of discerning Indian consumers with its product innovation coupled with impeccable store interiors, excellent product assortment and unbeatable customer experience.
After a massive rise in the late 2000s, thanks to a growth in mall culture in India, by mid-2010s and later on, department store chains started losing market share to e-commerce first companies such as Myntra, Jabong and a host of others, thereby leaving them with dwindling footfalls and sales.
Post Covid-19 slowdown, many department store chains scaled down their operations while Shoppers Stop continued to punch a pack with its offering thanks to its differentiated positioning and loyal customer base.
With over 500 brands across luxury beauty, fashion and lifestyle, the company is set to redefine (luxury) shopping. The newly reimagined experience was launched at its flagship store at Inorbit Mall in Malad, Mumbai.
Kavindra Mishra, Customer Care Associate & MD & CEO, Shoppers Stop, said, “Shoppers Stop 2.0 is redefining premium retail with an immersive shopping experience at Inorbit Mall, Malad.
Our reimagined store features AI-assisted shopping for seamless discovery, a grand and exclusive Personal Shopper Lounge offering unmatched comfort and personalized styling, and a curated selection of global brands like Armani, Prada, Valentino, NARS, True Religion, Tommy Hilfiger, Calvin Klein, and Guess.
With engaging spaces like a dedicated kids’ play area and a vibrant gaming arcade, we are setting the tone for a new retail experience—not just for Shoppers Stop, but for Indian retail as a whole.”
Shoppers Stop continues to elevate luxury retail experiences by seamlessly blending style, beauty, and innovation, reinforcing its position as the ultimate destination for premium fashion and beauty!
Editor’s Note
For FY 23-24, Shoppers Stop reported annual revenues of INR 4,377 Cr, a growth of 7% over the previous financial year. For Q3 FY 24-25, the company reported an increase of 11% YoY in its revenues to INR 1,379 Cr over the same period last year.
Thanks to various measures taken by the new MD and his team, the company is slowly but surely seem to be turning its fortunes in a market which is being flooded with two significant alternatives – one from value fashion brands offered by the likes of Zudio, EasyBuy, Trends, etc. which attract the youth with products priced at INR 999 or less; and from another angle by horizontal e-commerce portals such as Myntra owned by Flipkart, Ajio as well as from Amazon Fashion.
The new version 2.0 will make a lot of sense if and only the customer service levels at the stores go up significantly and this will require a massive increase in manpower to service shoppers, which will increase operating costs massively.
How does the company plan to do this is anybody’s guess. However, the steps being taken at the corporate level with flawless execution at stores, should certainly bring a positive difference in the short- to medium term.
Discover more from Retail Updates
Subscribe to get the latest posts sent to your email.
