Shoppers Stop announced that its subsidiary, Global SS Beauty Brands, has signed a strategic distribution partnership agreement with Shiseido company (Shiseido) to expand its brand footprint in India.
Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in second half of 2023 in key cities in India.Shiseido is Japan based company and is amongst the top 5 global beauty manufacturers comprising of iconic skincare, make-up and fragrance brands includingSHISEIDO, NARS, Drunk Elephant, Clde Peau Beaut Narciso Rodriguez, Issey Miyake and Serge Lutens, amongst others.
Nicole Tan, president & CEO, Shiseido Asia Pacific Pte, said, We believe this a great time to expand our presence in India, and we are thrilled to have formalised the partnership with Global SS Beauty Brand/ Shoppers Stop. We look forward to leveraging their deep experience in premium beauty as well as their extensive network and omnichannel presence, to bring one of our most-loved make-up brands, NARS, to consumers in India.
Venu Nair, customer care associate, managing director and CEO at Shoppers Stop said, This collaboration will further strengthen Shoppers Stop's purpose of inspiring consumers to look good and feel confident and will help grow the rapidly evolving beauty market in India. Our wide network and strong omni channel presence will serve as a springboard for Shiseido, and will allow NARS to launch in India with higher speed and efficiency.
Shoppers Stop is engaged in the business of retailing a variety of household and consumer products through departmental stores.
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On consolidated basis, the company's net profit declined 18.9% to Rs 62.74 crore despite of 18.7% rise in net sales to Rs 1,137.07 crore in Q3 FY23 over Q3 FY22.
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