Shopper Stop Ltd, one of the highly popular shopping brands in India, is expected to grow its revenue in double digits this fiscal year as the department store chains aim to bring more brands while adding two dozen stores. The retailer brand is working towards opening between 10 to 12 department stores.
They have also decided to open a similar number of beauty stores till the year ending in March 2024. They are moving towards this decision after launching a solid amount of 23 stores in the last fiscal year, according to the chief executive of the brand Venu Nair. The last fiscal year of the brand ended with 270 locations.
Shopper Stop is surely a highly celebrated brand in the Indian market, as the brand is spread across 54 major cities in the country. The brand is highly focused on opening some new department stores in some new location, and their main focus for these locations are the non-metro cities, as Venu Nair stated.
Other footwear and apparel chains, including Arvind Fashions Ltd, responsible for Calvin Klein’s sales in India, and Metro Brands Ltd, are focusing on doubling down their business in the smaller. These big brands’ major steps help them tap into the growing middle-class consumers’ needs.
As the CEO of Shopper Stop expressed his views that many brands are taking major steps towards hiring some new workers who are going to be a part of their expansion; thus, he also commented on labour availability by saying that he is keeping his eyes on areas which come with labour availability as those are the areas which are meant to be kept.
As the brand will be opening its new department stores in the new cities, it will be employing up to 40-100 workers for each one of its department stores, and up to 8 to 19 workers will be required for its new beauty outlets.
The company is also increasing its focus on its beauty business, acquiring exclusive distribution for 15 brands in the last year. This makes the brand capable of cashing in on the growing demand for makeup and skincare products for all consumers returning to their new lifestyles during the pandemic.
Last month, the brand also secured a distribution agreement with Shiseido Co Ltd, a Japanese cosmetics company, to launch Nars Cosmetics in India. The CEO also commented on the muted sales in March and February. He said the major reason behind these low sales was high inflation. The CEO also stated that some major improvements were recorded in the second half of April.
The CEO also added in his statements that there are some price cuts in various apparel and textiles as the raw materials prices have reduced in recent months, which is great news for all of the brand’s customers. The brand has led to a quarterly profit, greatly benefiting from the high demand for beauty products and the higher margin of privately labelled clothing.