Shoppers Stop to focus on tier 2, 3 cities for growth
Fashion retailer Shoppers Stop is turning to tier 2, 3 cities in India to drive the next phase of growth and will be expanding its retail presence in these cities in the coming months.
Shoppers Stop will also be strengthening its foothold in the beauty sector with the addition of 12 stores for brands like Mac, Estee Lauder, Bobbi Brown and Smashbox.
“We plan to add 5 departmental stores this year but our focus will be on women’s beauty stores and we will add around 10 to 12 beauty stores with brands like Mac, Estee Lauder, Bobbi Brown, Smashbox, among others,” Rajiv Suri, managing director and chief executive officer, Shoppers Stop told the Financial Express.
“Our focus is to grow in Tier II and Tier III cities faster and we are getting a good response from these locations. Amazon too has opened 3 kiosks in our stores and would like to open 12 more kiosks by the end of this year,” he added.
Shoppers Stop had registered a total income of Rs 834 crore ($121.6 million) for the first quarter this fiscal with a 363 percent rise in net profit.
Shoppers Stop currently has 83 retail outlets in 38 Indian cities and plans to invest Rs 120 crore ($18 million) on expansion and renovation in 2019.
Copyright © 2023 FashionNetwork.com All rights reserved.