12 April 2022, Mumbai:
Shoppers Stop sold a 19.50 percent stake in Crossword on Friday, April 08, 2022, reducing its stake in the company to 29.50 percent On August 31, 2021, the board approved the sale of 100 percent equity shares held by Shoppers Stop in Crossword Bookstores (Crossword) to Dinesh Gupta, Aakash Gupta & Family (owners of Agarwal Business House) (ASH), Pune.
On October 11, 2021, Shoppers Stop sold a 51 percent stake of the company in Crossword that ceased to be a subsidiary of the company.
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In continuation to the same, Shoppers Stop plans to sell its entire 100 percent equity shares held in Crossword.
In Q3 FY21, Shoppers Stop reported a consolidated net profit of Rs 77.32 crore against a net loss of Rs 25.11 crore in Q3 December 2020. On a consolidated basis, net sales rose by 33.82 percent to Rs 958.11 crore over Q3 December 2020.
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Shoppers Stop is an Indian department store chain, owned by the K Raheja Corp.
There are 86 stores across 40 cities in India, with clothing, accessories, handbags, shoes, jewellery, fragrances, cosmetics, health and beauty products, home furnishing, and decor products.
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