Shoppers Stop eyes luxury retail market, could open large format stores this fiscal

Multi-brand fashion, beauty, and lifestyle department store Shoppers Stop is eyeing India’s swift growing luxury retail market. The business is looking into opening large-format outlets this fiscal year which would also house Aditya Birla Group’s premium offering The Collective.

Shoppers Stop is planning to open two luxury fashion and lifestyle stores in the 2025 financial year, sources close to the development told ET Bureau. The stores will retail international luxury labels and will house The Collective, which retails brands including Kenzo, Versace, and Polo Ralph Lauren among others.
 
“For us, premiumisation is not just selling luxury products… a person who used to buy from the roadside [and] has now started buying from the mall is also a premiumisation,” Shoppers Stop’s managing director and CEO Kavindra Mishra told the Economic Times. “People are upgrading and this is happening across segments.”
 
Shoppers Stop is also focusing on premium brands for its revenue growth, ET Bureau reported. For the 2025 financial year, the business targets that premium labels will contribute 55% of revenue, up from the 47% they contributed during the 2024 fiscal year.
 
The business is also working on renovating its preexisting stores to premiumise their offering with a new brand identity. Shoppers Stop has renovated 13 of its stores to date so that 71% of its outlets now fall under its new identity. The business also opened 55 new stores in the 2024 financial year.