 "Shoppers Stop targets to inaugurate 60 new INTUNE stores this year")
Multi-brand fashion retailer Shopper Stop plans to open 60 new stores under its affordable retail format INTUNE in the current fiscal, a top official has said.
Through INTUNE, Shoppers Stop aims to capitalise on mass premium opportunities, disrupting India's value fashion landscape, according to the latest annual report of the K Raheja Corp group firm.
Shoppers Stop, which competes with similar value formats as Trent's Zudio and Landmark of Max Fashion, is leveraging real-time insights, enabling frequent product drops and assortment refinements to stay ahead, it added.
"We are targeting 60 new stores in FY2024-25 backed by strategic investments in merchandising, store operations, and customer analytics capabilities," the company said.
Shoppers Stop, which has opened 22 INTUNE stores within nine months of launch, said the Indian value fashion segment is witnessing an "inflection point" fuelled by the aspirations of the rapidly growing middle class.
Its Managing Director & Chief Executive Officer Kavindra Mishra said the company has "higher-than-expected results" in the first nine months of operation of INTUNE.
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Besides, Shoppers Stop is also expanding its private labels to bridge the gap between aspirations and affordability.
"Our Private Apparel Brands account for approximately 19 per cent of our total apparel business, with even higher contributions in non-metro areas and newer stores. In our online channels, private brands make up over 50 per cent of the apparel business," it said.
Besides, its beauty brand Arcelia has grown into a full-line beauty brand valued at over Rs 20 crore, offering an array of products, including fragrances, makeup, skincare, and bath & body items.
"Together with HomeStop, we continue to meet all the fashion and lifestyle needs of young families," it said.
Overall, the company has 112 Shoppers Stop stores across the country and 7 HomeStop stores, 22 beauty doors and 21 airport stores, 22 Intune stores across 62 cities in India.
According to Shoppers Stop, the Indian retail landscape is rapidly evolving, fuelled by increasing disposable incomes, evolving aspirations, and a growing demand for luxury and personalised experiences.
Now India's demographic landscape is dominated by a youthful population, driven by a thirst for self-expression. Moreover, there is a growing brand consciousness.
"Fuelled by global exposure and social media influence, Indian consumers have developed a refined palate for brands. They seek out established and premium labels, elevating the retail experience to an art form," it said
This growing brand consciousness has led to a surge in demand for curated assortments of international and luxury brands catering to the discerning tastes of the brand connoisseur.
Shoppers Stop is also expanding its beauty business with premium selections and personalised experiences. Through exclusive partnerships with brands like Este Lauder and Armani Beauty, it is expanding in the segment as per its premiumisation strategy.
"Our strategic expansions included new partnerships and shop-in-shops such as Bath & Body Works, Dyson, Kiehl's, Lancme, Laura Mercier, and an expanded Clean Beauty section with Vanity Wagon," it said, adding that in FY24, the beauty business reported a "Highest-Ever Annual Sale" of Rs 887 crore.
Its revenue from operations in FY24 was at Rs 4,213.16 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)