India's Shoppers Stop Ltd on Thursday said it expects its revenue to grow in double-digits this fiscal year, as the department store chain aims to bring in more brands and add two dozen stores.
The retailer seeks to open between 10 and 12 department stores and a similar number of beauty stores in the year ending March 2024, after launching a combined 23 stores last fiscal, Chief Executive Venu Nair told Reuters.
It ended the previous fiscal year with 270 locations.
Shoppers Stop, which is spread across 52 cities, is focusing on opening department stores in new locations, mainly in non-metro cities, Nair said.
Several apparel and footwear chains including Metro Brands Ltd and Arvind Fashions Ltd, which sells
Calvin Klein in India, are also doubling down on smaller cities to tap the growing middle class.
With brands scrambling for workers to charge their expansion, Nair said labour availability is "an area which needs to be kept an eye on," with Shoppers Stop employing 40-100 workers at each of its department stores and 8-10 workers at all of its beauty outlets.
The company is also sharpening its focus on its beauty business, acquiring the exclusive distribution for 15 brands last year to cash in on the growing demand for skincare and makeup products from consumers returning to their post-pandemic lifestyles.
Shoppers Stop last month signed a distribution deal with Japan's Shiseido Co Ltd to launch its Nars Cosmetics in India.
However, Nair said sales in February and March were "muted," partly due to high inflation, although he said Shoppers Stop has recorded some improvements in the second-half of April.
He also added there could be some price cuts as apparel and textile raw material prices have come down in recent months.
Shoppers Stop on Wednesday swung to a quarterly profit, benefitting from demand for beauty products and higher margin private-label clothing.
(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%