Shoppers Stop to exit duty-free store business at airports by next quarter

Retail major to close down two outlets located in Mumbai and Bengaluru airports

Fashion and lifestyle retail major, Shoppers Stop, is on the lookout for an immediate exit from its duty-free airport stores business, which it entered partnering with the Nuance Group AG in 2006.

The company, in association with the Switzerland-based travel retailer, had formed the Nuance Group (India) Pvt Ltd with Rs 103.5 crore being paid up as capital and has stores in Mumbai as well as Bengaluru airports. However, Shoppers Stop that previously had a 50 per cent stake in the joint-venture, has reduced the same to 40 per cent and is currently on the lookout to sell off