Key Points
Shoppers Stop share price cracked over 11 per cent in morning trade on BSE on Friday (August 25) a day after the company said the company's managing director (MD) and chief executive officer (CEO) Venu Nair resigned from his position..
In a regulatory filing on Thursday (August 24), said, "Venu Nair, Managing Director and Chief Executive Officer of the Company, has tendered his resignation, effective from the close of business hours of August 31, 2023, due to personal reasons.".
"He has also been promoted from his position as Chief Commercial Officer and CEO Homestop to Executive Director & Chief Executive Officer of the company for a period of three years effective September 1, 2023, subject to the approval of shareholders of the company," said the company..
Last month, Mint reported that Shoppers Stop is set to expand its value format chain Intune to 10 stores from the existing three, to compete with major players like Trents Zudio and Reliance Trends, strategically targeting the lower-end segment of the apparel market in India..
Hence, the opportunity for brands to grow in that segment is the prime driver, Mint quoted the managing director and chief executive of Shoppers Stop, Venu Nair, saying so. . Read more: Shoppers Stop to expand affordable fashion footprint ..
