28 April 2022, Mumbai:
Departmental store chain Shoppers Stop plans to make a few acquisitions in the direct-to-consumer (D2C) segment, says Venu Nair, Managing Director, and CEO.
The store chain is also onboarding several D2C companies on its digital platform and on the soon-to-be-launched digital app under its beauty format SS Beauty adds Nair. The company will launch its SS Beauty app in August.
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Shoppers Stop also plans to launch a few more exclusive brands for its online platforms.
The departmental store’s footfalls have reached pre-COVID levels with the reopening of the economy, which has also been fuelled by events such as marriages and the opening-up of offices.
After a turbulent two years, the retail industry has finally recovered.
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As per a recent report by *the Retailers' Association of India, sales in February 2022 grew by 6 percent from pre-pandemic sales levels and 10 percent compared to sales levels in the same month last year.
According to CRISIL, after the 40 percent decline last fiscal due to COVID-19, the revenue of brick-and-mortar apparel retailers will grow 20-25 percent on-year this fiscal, driven by a strong recovery in demand despite the third wave of the pandemic.
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CREDITS: *The Retailers' Association of India & crisil report.
