NEW BEAUTY STORE NATIONAL
By IFAB MEDIA - NEWS BUREAU - May 8, 2023 | 14 3 minutes read
Kolkata is set to welcome the largest and most sophisticated beauty destination with Shoppers Stop's latest venture during the upcoming festive season, according to a top company official.
The retail giant is all set to launch a state-of-the-art beauty store in the city this October-November. The store will offer a unique and unparalleled shopping experience to beauty enthusiasts with its vast collection of luxurious cosmetic brands and cutting-edge beauty technology.
The store will be more of a concept than a traditional outlet, with details being kept under wraps for now, Shoppers Stop Managing Director and Chief Executive Officer Venu Nair said at the MCCI organised Retail Summit recently.
"...in the next few months, we would be opening the biggest beauty store in the country in Kolkata. This will be during October-November," he said.
He did not share the detailed contours of the proposed concept store.
Beauty is an important segment for Shoppers Stop, contributing around 17 per cent to the company's revenue. The company has already launched 11 standalone beauty stores last year and is planning to open 15-20 more such stores every year for the next three years.
In addition, the company plans to open 12-15 departmental stores every year for the same frame.
Shoppers Stop is also partnering with Shiseido Asia Pacific Pte. Ltd., a Japanese firm, to expand the Nars cosmetics brand's footprint in India.
Nair stated that the Nars cosmetics standalone store is expected to open in August-September. Shoppers Stop registered the highest-ever revenue of Rs 5,066 crore in FY23.
MCCI President Namit Bajoria emphasised the growing importance of the retail sector, stating that competition value is expected to expand to USD 400 billion by FY25, with e-retail expected to grow to USD 120-140 billion.