The country’s oldest department store chain, Shoppers Stop, is looking to drive its beauty business aggressively over the next few years, as it seeks to tap into the growing beauty market in India.
A recent Redseer report has projected the beauty and personal care market in India to touch $30 billion by calendar year 2027 from $19 billion now, making it the fifth-largest market globally. India will also be among the fastest-growing beauty markets in the world, moving at 10% per annum between now and 2027, ahead of China, which will grow at 7% per annum, the Bengaluru-based consultancy said.
Retailers such as Shoppers Stop, Nykaa and Reliance Retail have all stepped on the gas in view of this booming market, tying up with national and international brands, and looking to widen their retail footprint, both online and offline.
“We were among the first organised beauty retailers in the country. We understand how this market has evolved and the trends going forward,” Biju Kassim, customer care associate & CEO Beauty, Shoppers Stop, said in a conversation with FE.
Kassim says the plan for the K-Raheja-Corp-owned company will include increasing revenue share of the beauty vertical from 18% now to 25% in the next two years. This the retailer will do by setting up more shop-in-shops within its new department stores as well as launching more standalone beauty stores under the SS Beauty umbrella. The company has 103 department stores and 13 SS Beauty stores currently, retailing premium brands from Tom Ford to Jo Malone, Bobbi Brown and Mac.
“From around 12-15 department stores earlier, we are now looking to add 18-20 annually. The number of shop-in-shops will also go up within these stores as a result. We are also targeting 20-25 SS Beauty stores annually as the beauty market is growing consistently in India,” Kassim says.
Two new SS Beauty stores will be added in the next two-three months alone, including a 3,800-sq-ft SS Beauty Store at Bengaluru International Airport’s Terminal 2 by December-end and a 9,000-sq-ft outlet, among the largest in the country, in Kolkata by February-March next year.
It is also accelerating tie-ups with big brands, launched three stores in Mumbai, Delhi and Kolkata for Japanese beauty major Shiseido’s NARS Cosmetics in the last two months. It has onboarded skin care brand Fre, and make-up lines from Prada, Valentino and Bath & Body Works, an American fragrance brand, among others, in the last few months.
The company will also distribute and retail a new range of lipsticks curated by producer-director Karan Johar called Pout under an association with beauty startup The Good Glam Group. Pout will be available in 83 Shoppers Stop department stores, Kassim said, at a premium price (Rs 799 a shade) and positioning.