Shoppers Stop to foray into luxury retail with large format stores
15 July 2024, Mumbai
A multi-brand fashion, beauty, and lifestyle department store, Shoppers Stop plans to foray into India's rapidly growing luxury retail market. The company plans to open large-format outlets that will also feature Aditya Birla Group’s premium offering, The Collective, in this fiscal year.
Shoppers Stop plans to launch two luxury fashion and lifestyle stores in FY 2025. These stores will retail international luxury labels and house The Collective, which offers brands like Kenzo, Versace, and Polo Ralph Lauren, among others.
More than just selling luxury products, premiumisation for Shoppers Stop also includes customers who have shifted their shopping behavior from the roadside stores to malls, says Kavindra Mishra, Managing Director, Shoppers Stop.
Focusing on premium brands to drive revenue growth, Shoppers Stop aims to increase the contribution of these brands’ to 55 per cent of the company’s revenue during FY25 from 47 per cent in FY24.
The retailer also plans to renovate its existing stores to align with a new premium brand identity. So far, Shoppers Stop has renovated 13 stores, with 71 per cent of its outlets now featuring the new identity. Additionally, the company opened 55 new stores in the FY2024.
