Shoppers Stop to focus on the premium beauty segment to tap a growing market

Venu Nair, MD & CEO of Shoppers Stop, in an interview to CNBC-TV18 said that the company's focus is on the premium beauty market, which has a total market size of Rs 14,500 crore. The company is leveraging its brand strength, product portfolio, and customer insights to capture a significant share of this high-growth market.

“The beauty market is just starting to evolve. The total beauty and personal care market is Rs 1.8 lakh crore. The premium beauty segment, which is the segment where we operate in, that is about Rs 14,500 crore. If you look at the total revenue of all the beauty players put together, including us, the total share of the market that is occupied is still very small. Add to that the per capita consumption of beauty today is Rs 980, globally it is 4-5x that. So there is an opportunity for the premium beauty segment to grow from Rs 14,500 crore and take a much higher share in the 1.8 lakh crore share,” Nair said.

Shoppers Stop also plans to continue adding departmental stores in FY24 to expand its reach and strengthen its position as a leading retailer in India. Nair added that private labels will continue on their growth path, offering customers unique and high-quality products that are exclusive to Shoppers Stop.