Business Standard reports that in an effort to consolidate its luxury retail business, Shoppers’ Stop has brought in over 40 international brands and will be investing Rs. 500 crore in its venture. According to sources, the company has hired an expatriate to head and set up the new business. The company has been conducting talks with major brands such as Louis Vuiton, Gucci, YSL, Zegna, Hugo Boss, Christian Dior, Moschino, Roberto Cavalli, Prada, Dolce & Gabbana, Armani, La Perla, Ralph Loren, Diesel and many more to be a part of its luxury retail space.
Although the company has neither confirmed nor denied these developments, it is believed to have set aside over space between 120,000-150,000 sq ft for this venture. Shoppers’ has reportedly selected property in Delhi and Mumbai and is negotiating a deal in Bangalore.
Luxury retail is estimated to be only 1% of the total retail business and is expected to grow by 50% every year for the next 10 years. Shoppers’ Stop is the only Indian retailer to be a member of the International Group of Department Stores.
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