- Meenakshi Kumar |
Shoppers Stop is doing some restructuring. The chain is shutting dow unprofitable outlets or downsizing them. India’s largest department store chain is spurring growth by attracting young consumers who may have moved to fast fashion rivals or online. Cost cutting is expected to lead to a 50 to 60 basis point gain.
Shoppers Stop operates 81 stores in 37 cities. It is aiming to grow sales by 15 per cent and profit by 50 per cent in the next financial year. The fashion retailer believes despite having one of the strongest collections across all categories, the company has failed to resonate with young consumers because of lack of right communication.
For Shoppers Stop, the contribution of private brands like Stop, Life, Haute Curry, Vittorio Fratini, Eliza Donatein and Kashish is 11.5 per cent of sales. Exclusive brands contribute 4.1 per cent. The exclusive brands it sells include Wrogn by Virat Kohli, Desigual the Spanish fast fashion brand and Imara by Shraddha Kapoor.
Jewelry sales contribute two or three per cent. Apparel remains the biggest contributor to sales with a 64 per cent share. Watch and beauty products have an equal share of 10 per cent. Shoppers Stop exclusively retails beauty brands like Estee Lauder, MAC, Clinique and Bobby Brown in India.