ITV

Tag: Kavindra Mishra

  • Instamart expands the Home & Lifestyle category with the debut launch of Home Stop by Shoppers Stop

    Instamart expands the Home & Lifestyle category with the debut launch of Home Stop by Shoppers Stop

    MUMBAI: Strengthening its growing household and lifestyle portfolio, Instamart, India’s pioneering quick commerce platform, has partnered with Home Stop by Shoppers Stop, offering premium crockery, serveware, home décor, and furnishings. With this collaboration, Instamart becomes the first quick commerce platform to offer over 100 curated Home Stop products for discerning online shoppers. The platform will enable 10-minute delivery of a wide range of products across stores in Mumbai, Bengaluru, Hyderabad, and Gurgaon.

    The launch features a curated range of products spanning linen and furnishings, home décor, dinnerware, serveware, and kitchen storage. Offerings include artisanal candle holders, modern serveware, Buddha figurines, jharokha t-light holders, and other items designed to enhance everyday living.

    Sharing insights on quick commerce’s expanding role beyond groceries and essentials, Instamart  AVP & category head, Manender Kaushik shared, “Since the launch of the Home & Lifestyle category on Instamart, we’ve witnessed robust growth in the segment. This signals that quick commerce has evolved from a simple grocery delivery service into a more sophisticated marketplace encompassing larger and diverse categories. Traditionally, home and furnishings were planned purchases; however, today, the needs of Indian online shoppers are rapidly evolving. By closely understanding consumer preferences, we have prioritized expanding our assortment of lifestyle products. Our partnership with Home Stop marks a significant step towards making curated home décor and furnishings accessible to shoppers within minutes.”

    Speaking on the collaboration, Shoppers Stop MD & CEO Kavindra Mishra said, “Home Stop offers a curated selection of contemporary, classic, and innovative home solutions that blend quality, style, and value. It’s a one-stop destination for everything from bed and bath to living, dining, and kitchen, thoughtfully curated to help our customers build homes that truly reflect their personality. This partnership with Instamart marks a significant step in making the Home Stop experience instantly accessible through the power of quick commerce, allowing us to meet our customers at their doorstep, quickly and effortlessly. Together, we’re reimagining how modern India discovers and shops for premium home living.”

  • Shoppers Stop faces tough quarter amid market challenges, posts losses

    Shoppers Stop faces tough quarter amid market challenges, posts losses

    Mumbai: Not long ago, weekends meant families, friends, and couples flocking to bustling malls, indulging in the joy of strolling through their favourite stores. But with the rise of online shopping, those scenes of leisurely retail therapy are fading into nostalgia, leaving traditional brands like Shoppers Stop to confront a new reality. The retailer’s latest quarterly results reveal a troubling stretch, as escalating costs and market pressures overshadow modest gains. Following its board meeting on 22 October 2024, Shoppers Stop reported a net loss for Q2 FY25, signalling deeper struggles in a rapidly evolving retail landscape.

    The company reported revenue from operations at Rs 1,114.87 crores for the quarter, marking a 4.2 per cent increase from Rs 1,069.31 crores in Q1 FY25 and a 4.5 per cent increase from Rs 1,068.10 crores in the corresponding period last year. However, the rise in sales was overshadowed by surging expenses, with total costs climbing to Rs 1,151.31 crores, driven largely by higher finance and depreciation expenses.  

    Commenting on the results, Shoppers Stop’s managing director Kavindra Mishra remarked, “While the growth in revenue is a positive sign, we are navigating a challenging macroeconomic environment that is putting pressure on our bottom line. Our focus remains on optimising costs while continuing to enhance the customer experience.”

    Shoppers Stop faced a significant decline in profitability, with a reported net loss of Rs 28.74 crores for Q2 FY25, up from a loss of Rs 22.70 crores in the previous quarter and a sharp contrast to the modest profit of Rs 1.78 crores in Q2 FY24. The key factor contributing to this downturn was an exceptional item of Rs 2.05 crores related to stock damage due to smoke from a nearby fire incident. Additionally, the company’s efforts to expand and modernise stores have led to increased lease liabilities and depreciation costs, which impacted margins.

    The loss reflects a broader struggle within the retail sector, as companies face subdued consumer sentiment and costly operations. Shoppers Stop’s finance costs alone surged to Rs 64.51 crores this quarter, up from Rs 61.01 crores in the previous quarter, while depreciation and amortisation rose to Rs 121.76 crores.

    Amidst the current challenges, Shoppers Stop is making strategic moves to navigate the difficult terrain. The retailer appointed Nishit Sheth as the interim company secretary and chief compliance officer to strengthen compliance and governance practices. This move, alongside ongoing investments in e-commerce and store refurbishments, is part of a broader strategy to rejuvenate the brand’s appeal.  

    The board’s approval of new stock options under the ESOP Scheme 2022 reflects a commitment to rewarding talent and fostering employee engagement during tough times. While these initiatives aim to position the company for future growth, the immediate outlook remains constrained by high operating costs and ongoing market uncertainties.

    The company’s balance sheet reveals a notable increase in liabilities. Total non-current liabilities climbed to Rs 2,466.48 crores from Rs 2,316.75 crores at the end of FY24, primarily due to additional borrowing and higher lease obligations. Additionally, total equity saw a reduction from Rs 301.42 crores to Rs 262.68 crores, further indicating financial pressures. Shoppers Stop’s cash flow statement also showed a decrease in cash reserves to Rs 13.89 crores from Rs 11.38 crores at the end of the previous quarter, underscoring liquidity constraints.

    As Shoppers Stop faces an uphill battle, industry analysts suggest that the retail sector’s recovery will be gradual. The company’s focus on improving operational efficiency and enhancing its digital footprint may drive incremental gains. However, substantial growth may be elusive in the near term unless broader economic conditions improve and consumer demand strengthens.  

    Summing up the challenges, CFO Karunakaran Mohanasundaram said, “The current macroeconomic scenario is indeed tough, but we are confident that our strategic interventions will gradually improve our financial position.” Despite these reassurances, the road ahead appears bumpy for Shoppers Stop as it navigates this period of financial strain.

  • Shoppers Stop Ltd announces changes in its leadership positions

    Shoppers Stop Ltd announces changes in its leadership positions

    MUMBAI: Shoppers Stop Ltd. today announced the promotion of Homestop, chief commercial Officer and CEO Kavindra Mishra, as its executive director & CEO,aftero the resignation of its managing director & CEO, Venu Nair.

    Kavindra Mishra has been promoted to executive director & chief executive officer – Based on the recommendation of the nomination, remuneration and corporate governance committee, the board of directors of the company (“the Board”), at its meeting held today, i.e. on 24 August 2023, approved the promotion and appointment of Kavindra Mishra (DIN: 07068041) as an additional director of the company w.e.f.  1 September 2023. He has also been appointed as an executive director & chief executive officer of the company for three years effective  1 September 2023, subject to the approval of shareholders of the Company.

    A brief profile of Mr. Kavindra Mishra is given below :

    The chairman of the company, BS Nagesh said “I am delighted that Kavindra Mishra, has been promoted as the executive director and CEO of the company. In the last five months, he has taken over the charge of Homestop and the commercial part of the Shoppers Stop business. His skills as a Business Leader, strategic expertise and overall understanding of the retail industry are an excellent fit for leading the Company as its CEO and setting high standards. Under his leadership and guidance, I am confident about the future growth of the company”

    Managing director and chief executive officer Venu Nair has tendered his resignation from his position, effective from the close of business hours of August 31, 2023, due to personal reasons, to enable him to spend more time with his family and explore other options.

    The board of directors of the company at its meeting held today has accepted his resignation and placed on record their appreciation for the contribution made by him during his tenure. He has been instrumental in strengthening the business in the post-Covid era, by growing its strategic pillars of fashion, and beauty and expanding the company’s retail network. He leaves a much-strengthened Shoppers Stop. To ensure a seamless transition, he will continue to guide and advise the CEO over the next 6 months, in his capacity as a Company official.

    B.S.Nagesh non-executive chairman of the company will handhold during the transition period. He will also mentor and coach the executive director & chief executive officer of the company.