Despite the adverse economic conditions, the K Raheja owned Shoppers Stop is betting big on the beauty space reports Moneycontrol.com.
According to Rajiv Suri, Managing Director and Chief Executive Officer, Shoppers Stop, the company is on track to achieve its target of opening 50 stores in the current financial year.
“This year, we have opened 28 stores (eight department and 20 beauty) and plan to open 22 stores (four department, 11 beauty and seven airport stores) by March,” said Suri.
It operates over 300 departmental stores, spanning 4.4 million square feet, in 50 cities across India.
The last quarter saw a 9.6% jump in revenue from the beauty segment which has led management to focus on this opportunity and see if it can be propelled further. It is present across more than 400 fashion brands and 32 fashion categories.