Shoppers Stop bets big on beauty segment for growth
Feb 27, 2020
India’s leading retail chain Shoppers Stop Ltd is betting big on the beauty segment for growth, as it looks to revive its fortunes amidst the ongoing consumption slowdown in the country.
Despite poor sales, the company plans to expand its retail presence by opening 22 new stores across India over the next few months, to take its count to 50 for the fiscal year.
“In the last quarter, beauty segment of Shoppers Stop grew 9.6 percent and we are confident that this growth will sustain in the forthcoming quarters on the back of new beauty stores, upgrading the beauty experience in existing stores, the launch of new brands and strong omnichannel support,” Rajiv Suri managing director and CEO of Shoppers Stop told Moneycontrol.
"This year, we have opened 28 stores (eight department and 20 beauty stores) and plan to open 22 stores (four department, 11 beauty, and seven airport stores) by March," added Suri.
For the December quarter, Shoppers Stop Ltd had reported a consolidated net loss of Rs 7 crore ($1 million) on a revenue of Rs 1,026 crore.
Shoppers Stop is part of the K Raheja Group. It operates over 300 departmental stores in 50 cities across India.
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