Shoppers Stop to exit airport retail

Shoppers Stop said it had disposed of 40% shareholding in Nuance Group India to The Nuance Group AG of Switzerland

A day after selling HyperCity, Raheja-owned Shoppers Stop said it would exit from the duty-free airport retail business. It said it had disposed of 40 per cent shareholding in Nuance Group India to The Nuance Group AG of Switzerland for a consideration of Rs 6 crore. 

Nuance Group was formed as a 50:50 joint venture company between The Nuance Group AG and Shoppers Stop, and operates the duty-free store at Bengaluru International Airport. 

"With the disposal of this shareholding in Nuance Group India by the company to The Nuance Group AG, the shareholders’ agreement with them stands terminated with immediate effect and, accordingly, the company has exited the duty-free airport retail busines," Shoppers Stop said. This deal comes after Shoppers Stop sold HyperCity and five per cent to Amazon.

ALSO READ: 50% growth in HyperCity possible: Rakesh Biyani