During the reported quarter, the company entered into a commercial agreement with Amazon Seller Services Pvt. Ltd. wherein Shoppers Stop will have an exclusive flagship store on the Amazon marketplace - listing its entire portfolio of more than 400 brands. Amazon experience centres will also be created across the physical network of Shoppers Stop stores.
"The second quarter was relatively subdued owing to stock and supply challenges on account of GST implementation. However, the teething issues have been resolved and we are well on track for a strong festive quarter," Govind Shrikhande, customer care associate & managing director, Shoppers Stop Ltd. said.
The company has exited the duty-free airport retailing business, disposing off its 40 per cent shareholding in Nuance Group (India) Pvt. Ltd. (NGIPL) to The Nuance Group AG, Switzerland, for a consideration of Rs 6 crore. It will continue to operate its retail stores at the domestic terminals of Bengaluru, Hyderabad, Mangalore, Jaipur, Raipur & Delhi airports.
"We continue to focus on building India’s foremost omni-channel retail company. Our partnership with Amazon India to list our entire portfolio of brands on their marketplace will give a significant boost to our existing online play. Moreover, our exit from NGIPL and Hypercity Retail (India) Ltd. will further sharpen our focus on our core departmental store business. With all these steps, we believe that our company is on a clear path of transformation and higher profitable growth," concluded Shrikhande.
Shoppers Stop is also expanding its membership base by adding 1,27,410 new members to the First Citizen Loyalty Programme in Q2 FY18. The program has crossed the milestone of 5 million members. (RR)
Fibre2Fashion News Desk – India
| On 22nd Jan 2022
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