Shoppers Stop to focus on beauty business for growth
today Mar 14, 2019
Shoppers Stop, one of India's largest departmental store chains, is looking to strengthen its beauty business for future growth in the Indian market.
The K Raheja Corp-promoted company which exclusively retails some of the world’s top beauty products, including Estee Lauder, MAC, Clinique and Bobby Brown in India will be opening 15 new stores this year.
The beauty business is the fastest growing segment for Shoppers Stop and currently contributes around 16 percent to the company’s overall revenue. It expects the beauty business to contribute 20 percent going forward.
Shoppers Stop had posted a profit of Rs 12 crore ($1.8 million) for the fiscal year 2017-18 with a revenue of Rs 3,607 crore.
“The plan was to take the beauty business to 20 percent of overall sales in the future as the pace of growth of the segment remains high. The current rate of growth of Shoppers Stop’s beauty business is around 10-12 percent, the fastest among all its categories. It is a business that shows enormous potential,” Rajiv Suri, CEO of Shoppers Stop, told Business Standard.
“On an overall basis, the company is likely to add around 15 stores this year and next year, respectively, in the beauty segment to improve reach. Our strategy as far as online retail goes is to give customers a single window where they can see all our products. We also have the option to buy online,” Suri added.
Shoppers Stop currently has 83 large stores spread across 38 cities in the country along with an e-commerce website, m-site and mobile application.
Copyright © 2019 FashionNetwork.com All rights reserved.