 "Shoppers Stop plans to launch 10-15 new SS Beauty stores this year")
Shoppers Stop is betting big on the growth of the beauty business in India – a category in which it continues to witness massive growth.
The company, which operates 13 SS Beauty stores at the moment, plans to open 10-15 new medium-to-large format stores in the calendar year 2024.
'For us at Shoppers Stop, the beauty category is witnessing an interesting run as people are indulging in beauty much more than before. The category is growing ahead of all other categories. Out of this, the prestige beauty market is moving at a faster pace,' said Biju Kassim, Customer Care Associate and Chief Executive Officer of Beauty, Shoppers Stop.
In the third quarter ended December 31, the beauty category grew at 18 per cent, outpacing the company’s growth of 9 per cent, Kassim told Business Standard, at the launch of the boutique store launch of NARS cosmetics in Delhi.
The company expanded its distribution tie-up (Global SS Beauty) with Japan-based Shiseido Group last year and launched its cosmetic line NARS in October 2023.
'The discerning Indian consumer is looking at all important international brands. We believe that NARS will gain market share. We hope to close 2024 with NARS among the top 4 cosmetic brands in the country,' Kassim said.
'While we are currently focused on the metros and other bigger cities like Hyderabad and Bengaluru, we are looking to tie up with other retailers to expand our presence in the country,' Sanjay Kumar Sharma, Country Head and Senior Commercial Director, Shiseido, told Business Standard on the sidelines of the launch.
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'We are looking to enter cities like Pune, Jaipur, and Ahmedabad, where we see good business opportunities,' he added.
Talking about the prestige beauty market, Kassim said that it accounts for 50 per cent of the beauty business, of which fragrance and make-up makes up 40- 42 per cent, while skincare contributes the remaining 10 per cent.
'Going forward, we expect the prestige and masstige beauty market play to remain at 50-50, but we will continue to build on the prestige segment,' Kassim said.
The company, which has a strong global portfolio, will also soon have on shelves beauty lines from global luxury brands like Prada, Armani, and Valentino.