Shoppers Stop Limited is a prominent Indian retail company headquartered at Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (West), Mumbai-400064, Maharashtra. Established in 1991, it operates as a public limited company (CIN: L51900MH1997PLC108798) listed on the BSE (Stock Code: 532638) and NSE (Stock Symbol: SHOPERSTOP). The company is a pioneer in modern retail in India, recognized for its department store chain and diverse retail formats. It has grown into one of India’s largest premium retailers, offering a wide range of products, including apparel, accessories, cosmetics, home décor, and more, across multiple channels such as physical stores, online platforms, and omnichannel services.
Company Profile
The company’s mission is to deliver exceptional customer experiences through premium retail offerings, focusing on quality, variety, and customer engagement. It has expanded its footprint through various retail formats, including department stores, specialty retail, and value fashion, while maintaining a commitment to sustainability and shareholder value. Shoppers Stop is known for its innovative approach to retail, including the introduction of the “INTUNE” value fashion format and its focus on premiumization.
Contact Information:
- Phone: 022-42497000
- Toll-Free: 1800-419-6648 (9 AM to 9 PM)
- Email: customercare@shoppersstop.com
- Website: www.shoppersstop.com
- Corporate Website: https://corporate.shopperstop.com
Business Segments
Shoppers Stop operates through distinct business segments, each contributing to its diversified retail portfolio. Below is a comprehensive breakdown of these segments, focusing on their scope and operations. The document does not provide an explicit revenue breakup percentage for each segment, but insights are drawn from the context of operations and strategic focus.
- Department Stores
- Description: The core business of Shoppers Stop, offering a wide range of products, including apparel, accessories, cosmetics, fragrances, footwear, home décor, and electronics. These stores cater to premium customers seeking quality and variety under one roof.
- Key Features: Multi-brand retail, in-house brands, and curated shopping experiences with a focus on premiumization. Stores are designed to provide a luxurious shopping environment with personalized services like personal shoppers and loyalty programs (e.g., First Citizen).
- Strategic Importance: The department store segment is the flagship offering, driving significant footfall and brand recognition.
- Specialty Retail (Beauty and Books)
- Description: Includes beauty retail through formats like MAC, Estée Lauder, and Bobbi Brown, and bookstore retail via Crossword, a wholly-owned subsidiary. Beauty focuses on cosmetics, fragrances, and skincare, while Crossword offers books, stationery, and lifestyle products.
- Key Features: Exclusive partnerships with global beauty brands and a curated selection of books. Beauty retail emphasizes premium products, while Crossword caters to niche literary and lifestyle markets.
- Strategic Importance: Enhances the premium retail portfolio and targets high-margin categories.
- Value Fashion (INTUNE)
- Description: A newer format launched under the “INTUNE” brand, focusing on affordable fashion for the mass market. INTUNE stores offer trendy apparel and accessories at competitive prices, targeting younger demographics and tier-2/3 cities.
- Key Features: Rapid expansion to 71 stores, emphasizing accessibility and value-driven offerings. INTUNE complements the premium department store model by capturing a broader customer base.
- Strategic Importance: Diversifies revenue streams and taps into the growing demand for affordable fashion.
- Omnichannel Retail
- Description: Integrates physical stores with online platforms (www.shoppersstop.com) to provide a seamless shopping experience. Includes e-commerce, mobile apps, and click-and-collect services.
- Key Features: Focus on digital transformation, with investments in technology to enhance customer engagement and convenience. Omnichannel services include home delivery, online exclusives, and loyalty program integration.
- Strategic Importance: Strengthens market reach and caters to the evolving preferences of digital-savvy consumers.
Revenue Breakup (Estimated): The document does not provide specific revenue percentages for each segment. However, based on the emphasis on department stores as the core business and the rapid expansion of INTUNE, an estimated breakdown might be:
- Department Stores: ~60–70% (flagship segment with significant store presence)
- Specialty Retail (Beauty and Crossword): ~15–20% (high-margin but smaller scale)
- Value Fashion (INTUNE): ~10–15% (growing rapidly but newer)
- Omnichannel Retail: ~5–10% (emerging, with increasing contribution)
Note: These percentages are inferred based on the strategic focus and store count (e.g., 71 INTUNE stores indicate a growing but smaller segment compared to department stores).
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Products and Services Offered
Shoppers Stop offers a diverse range of products and services across its retail formats, focusing on premium and value-driven categories. Below is a detailed list of offerings, with an estimated revenue breakup based on the company’s focus areas.
- Apparel
- Description: Includes men’s, women’s, and kids’ clothing, ranging from casual to formal wear. Features both in-house brands (e.g., STOP, Kashish) and external brands.
- Details: Offers ethnic wear, western wear, sportswear, and accessories like belts and ties. Targets premium and mid-segment customers.
- Estimated Revenue Contribution: ~50–55% (largest category due to high demand and variety).
- Cosmetics and Fragrances (Beauty)
- Description: Premium beauty products, including makeup, skincare, and fragrances, sold through exclusive counters (e.g., MAC, Estée Lauder, Clinique).
- Details: Focus on global brands and in-house beauty offerings, with personalized services like makeovers and consultations.
- Estimated Revenue Contribution: ~15–20% (high-margin, growing segment).
- Footwear
- Description: Men’s, women’s, and kids’ footwear, including formal, casual, and sports shoes.
- Details: Features branded and private-label footwear, catering to diverse customer preferences.
- Estimated Revenue Contribution: ~10–12% (complementary to apparel).
- Home Décor and Furnishings
- Description: Includes home essentials like bed linen, kitchenware, décor items, and furniture.
- Details: Curated collections under brands like Homestop, targeting premium home shoppers.
- Estimated Revenue Contribution: ~8–10% (niche but steady contributor).
- Books and Stationery (Crossword)
- Description: Books, stationery, toys, and lifestyle products sold through Crossword stores.
- Details: Focuses on literary enthusiasts and families, with a curated selection of bestsellers and niche titles.
- Estimated Revenue Contribution: ~5–7% (smaller segment due to specialized focus).
- Accessories
- Description: Includes jewelry, watches, handbags, sunglasses, and other fashion accessories.
- Details: Offers both branded and in-house products, targeting fashion-conscious consumers.
- Estimated Revenue Contribution: ~5–8% (complementary to apparel and beauty).
- Services
- Description: Includes loyalty programs (First Citizen), personal shopping assistance, gift cards, and omnichannel services (e-commerce, home delivery, click-and-collect).
- Details: Enhances customer experience through personalized services and digital integration.
- Estimated Revenue Contribution: ~2–5% (indirect revenue through enhanced customer retention).
Note: Revenue percentages are estimated based on the prominence of categories in the company’s operations. Apparel and beauty are likely the largest contributors due to their market demand and strategic focus.
Company History
Shoppers Stop Limited was founded in 1991 as India’s first department store under the K Raheja Group, a leading real estate and retail conglomerate. Below is a comprehensive timeline of its evolution:
- 1991: Established as India’s first department store, with B. S. Nagesh as the founding employee and General Manager. The first store opened in Mumbai, introducing a premium retail concept to India.
- 1997: Incorporated as a public limited company (CIN: L51900MH1997PLC108798), laying the foundation for expansion.
- 1990s–2000s: Expanded its department store footprint across major Indian cities, establishing itself as a pioneer in modern retail. Introduced in-house brands like STOP, Kashish, and Life.
- 2000s: Acquired Crossword, a bookstore chain, diversifying into specialty retail. This move strengthened its portfolio with a focus on books and lifestyle products.
- 2005: Launched Hypercity, a hypermarket format, to cater to mass-market consumers seeking groceries and general merchandise.
- 2009: B. S. Nagesh transitioned from Managing Director to Vice Chairman, continuing to guide strategic growth.
- 2018: B. S. Nagesh became Chairman, overseeing a period of transformation and premiumization.
- 2020s: Launched “INTUNE,” a value fashion format targeting affordable fashion for tier-2/3 cities. By 2025, INTUNE expanded to 71 stores, reflecting rapid growth.
- 2024–25: Focused on omnichannel retail, integrating physical stores with e-commerce platforms. Invested in technology to enhance customer engagement and digital sales.
- Key Milestones:
- Pioneered modern retail in India, setting industry standards.
- Established the Retailers Association of India (RAI) under B. S. Nagesh’s leadership.
- B. S. Nagesh inducted into the World Retail Hall of Fame in 2008, the first Asian to receive this honor.
- Expanded beauty retail with exclusive partnerships with global brands like MAC and Estée Lauder.
- Divested Hypercity to focus on premium and value fashion formats.
Shoppers Stop’s history reflects its adaptability to changing consumer preferences, from pioneering department stores to embracing value fashion and digital retail. Its association with the K Raheja Group has provided financial and strategic stability, enabling sustained growth.
Brands
Shoppers Stop operates a mix of in-house (private-label) and third-party brands across its retail formats. Below is a detailed list of key brands, with an estimated revenue breakup based on their prominence.
- STOP
- Description: A private-label brand offering apparel and accessories for men, women, and kids. Focuses on affordable yet trendy fashion.
- Details: Includes casual, formal, and ethnic wear, competing with mass-market brands.
- Estimated Revenue Contribution: ~20–25% (significant due to wide appeal).
- Kashish
- Description: An in-house brand specializing in ethnic wear, including sarees, lehengas, and kurta sets.
- Details: Targets women seeking traditional and festive attire, with a focus on quality and design.
- Estimated Revenue Contribution: ~10–15% (popular in festive seasons).
- Homestop
- Description: A private-label brand offering home décor, furnishings, and kitchenware.
- Details: Curated for premium home shoppers, includes bed linen, décor items, and furniture.
- Estimated Revenue Contribution: ~8–10% (niche but steady).
- Crossword
- Description: A specialty retail brand for books, stationery, toys, and lifestyle products.
- Details: Operates as a standalone bookstore chain, targeting literary and family audiences.
- Estimated Revenue Contribution: ~5–7% (specialized segment).
- Beauty Brands (Third-Party)
- Description: Includes global brands like MAC, Estée Lauder, Clinique, Bobbi Brown, and others sold through exclusive counters.
- Details: Focus on premium cosmetics, fragrances, and skincare, with personalized services.
- Estimated Revenue Contribution: ~15–20% (high-margin category).
- Other Third-Party Brands
- Description: Includes apparel, footwear, and accessory brands like Levi’s, Nike, Adidas, Titan, and others.
- Details: Curated to offer variety and cater to premium customers.
- Estimated Revenue Contribution: ~30–35% (largest contributor due to brand partnerships).
Note: Revenue percentages are estimated based on the company’s focus on premium categories (beauty, third-party brands) and the scale of private labels.
Geographical Presence
Shoppers Stop has a robust presence across India, with stores in major metros, tier-1, and tier-2/3 cities. The document mentions the rapid expansion of the INTUNE format to 71 stores but does not provide a complete store count or regional breakdown. Below is a detailed overview based on available information and inferred distribution.
- Mumbai, Maharashtra
- Details: Headquarters and a significant retail hub. Multiple department stores, INTUNE outlets, and Crossword bookstores.
- Estimated Revenue Contribution: ~25–30% (largest market due to urban demand and headquarters presence).
- Delhi-NCR
- Details: Key market with department stores and beauty retail counters in high-traffic malls.
- Estimated Revenue Contribution: ~15–20% (major metro with high purchasing power).
- Bengaluru, Karnataka
- Details: Strong presence in a tech-driven city with department stores and INTUNE outlets.
- Estimated Revenue Contribution: ~10–15% (growing market).
- Hyderabad, Telangana
- Details: Emerging hub with department stores and value fashion formats.
- Estimated Revenue Contribution: ~8–10% (significant urban market).
- Other Tier-1 Cities (Chennai, Kolkata, Pune)
- Details: Department stores and specialty retail in major cities, catering to premium customers.
- Estimated Revenue Contribution: ~15–20% (combined).
- Tier-2/3 Cities (via INTUNE)
- Details: 71 INTUNE stores target smaller cities, offering affordable fashion to capture mass-market demand.
- Estimated Revenue Contribution: ~15–20% (growing due to rapid expansion).
- Online/Omnichannel Presence
- Details: Nationwide reach through www.shoppersstop.com and mobile apps, with home delivery and click-and-collect services.
- Estimated Revenue Contribution: ~5–10% (increasing with digital adoption).
Note: Revenue percentages are estimated based on the prominence of urban markets and the growing INTUNE presence in smaller cities.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
The document does not explicitly list all subsidiaries, wholly-owned subsidiaries, or associates, but mentions Crossword as a key subsidiary and an investment in Pahadi Goodness Private Limited. Below is a comprehensive overview based on available information.
- Crossword Bookstores Limited
- Type: Wholly-Owned Subsidiary
- Details: Operates a chain of bookstores offering books, stationery, toys, and lifestyle products. Acquired in the 2000s to diversify into specialty retail.
- Revenue Contribution: ~5–7% (estimated, based on specialty retail’s smaller scale).
- Strategic Role: Targets niche literary markets, complementing the premium retail portfolio.
- Pahadi Goodness Private Limited
- Type: Associate (via investment in optionally convertible debentures)
- Details: Shoppers Stop invested ₹4 Crores in 40,000 OCDs, convertible to equity shares from June 2025. Likely a strategic investment in a niche retail or lifestyle brand.
- Revenue Contribution: Negligible (investment stage, no direct revenue).
- Strategic Role: Expands portfolio into emerging brands with growth potential.
Note: The document does not mention other subsidiaries or associates. Revenue contributions are estimated based on the scale of operations described.
Physical Properties
Shoppers Stop operates a network of physical stores and a corporate office, with the following details:
- Registered & Corporate Office
- Location: Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (West), Mumbai-400064, Maharashtra.
- Details: Serves as the headquarters for corporate functions, including legal, finance, and compliance.
- Purpose: Administrative and strategic operations.
- Department Stores
- Details: Located in major metros (Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, Pune) and select tier-1 cities. Exact store count not specified, but a significant presence in premium malls.
- Features: Premium retail spaces with curated product displays, beauty counters, and personalized services.
- INTUNE Stores
- Details: 71 stores as of FY 2024-25, targeting tier-2/3 cities for value fashion. Compact stores designed for accessibility and affordability.
- Features: Focus on trendy apparel and accessories at competitive prices.
- Crossword Bookstores
- Details: Standalone bookstores in urban and semi-urban locations, offering books, stationery, and lifestyle products.
- Features: Curated for literary enthusiasts, often located in malls or high-traffic areas.
Note: The document does not provide a complete list of store locations or leased/owned status. Most retail stores are likely leased in malls, as is standard in the industry.
Founders
Shoppers Stop was founded under the K Raheja Group, with B. S. Nagesh as the founding employee and key visionary. Details include:
- B. S. Nagesh
- Role: Founding employee (1991), General Manager, Managing Director (until 2009), Vice Chairman, and Chairman (2018–2025).
- Contributions:
- Launched India’s first department store in Mumbai in 1991.
- Spearheaded expansion into multiple retail formats, including Hypercity, Crossword, and INTUNE.
- Founded the Retailers Association of India (RAI), shaping industry standards.
- Inducted into the World Retail Hall of Fame in 2008, the first Asian to receive this honor.
- Established TRRAIN (Trust for Retailers and Retail Associates of India), a philanthropic initiative for retail employees.
- Legacy: Transformed Shoppers Stop into India’s largest premium retailer, mentoring numerous industry leaders. Retired as Chairman post the 28th AGM (July 17, 2025).
- Current Status: Will cease to be a director after July 17, 2025, with no plans to fill the vacancy.
- K Raheja Group
- Role: Parent entity and financial backer, providing strategic and financial support.
- Details: A leading real estate and retail conglomerate, instrumental in establishing Shoppers Stop as a retail pioneer.
- Contributions: Enabled store expansion through access to prime real estate and funding.
Board of Directors
The Board of Directors as of FY 2024-25 includes:
- B. S. Nagesh
- Role: Chairman & Non-Executive Director (DIN: 00027595)
- Details: Founding employee, served as MD until 2009, Vice Chairman, and Chairman since 2018. Retiring post the 28th AGM (July 17, 2025).
- Contributions: Pioneered modern retail, launched INTUNE, and shaped industry standards via RAI.
- Ravi C. Raheja
- Role: Non-Executive Director
- Details: Represents the K Raheja Group, contributing to strategic oversight and expansion plans.
- Neel C. Raheja
- Role: Non-Executive Director
- Details: Part of the K Raheja Group, involved in long-term planning and real estate integration.
- Nirvik Singh
- Role: Non-Executive Director, appointed Chairman from July 18, 2025
- Details: Associated with M/s. Invik Consulting, providing management consulting services. Brings expertise in brand positioning and business advisory.
Note: The document lists only these directors explicitly. Other directors may exist but are not detailed.
Parent Company Details
- Parent Company: K Raheja Group
- Details: A leading Indian conglomerate with interests in real estate, retail, and hospitality. The group founded Shoppers Stop in 1991 and continues to provide strategic and financial support.
- Role: Facilitates store expansion through real estate access and guides corporate strategy via board representation (Ravi C. Raheja, Neel C. Raheja).
- Impact: Enables Shoppers Stop to secure prime retail locations and maintain financial stability.
Investment Details
The document details one specific investment:
- Pahadi Goodness Private Limited
- Investment: ₹4 Crores in 40,000 optionally convertible debentures (OCDs), convertible to equity shares from June 2025.
- Details: Strategic investment in a niche retail or lifestyle brand, likely aimed at diversifying the portfolio.
- Revenue Contribution: Negligible (investment stage).
- Purpose: Expands exposure to emerging brands with growth potential.
Note: No other passive investments are mentioned.
Future Investment Plans
While the document does not explicitly outline future investment plans, strategic priorities can be inferred:
- INTUNE Expansion: Continued growth of the value fashion format, building on the 71 stores established by FY 2024-25. Likely involves investments in new stores in tier-2/3 cities.
- Omnichannel Development: Investments in technology to enhance e-commerce platforms, mobile apps, and click-and-collect services. Focus on digital transformation to capture online shoppers.
- Beauty Retail Growth: Strengthening partnerships with global beauty brands and expanding counters in department stores.
- Strategic Investments: Potential conversions of OCDs in Pahadi Goodness into equity, indicating a focus on niche brands.
- Sustainability and Premiumization: Investments in sustainable practices and premium customer experiences to maintain market leadership.
Conclusion
Shoppers Stop Limited stands as a cornerstone of Indian retail, blending premium department stores, value fashion (INTUNE), specialty retail (Crossword, beauty), and omnichannel services. Founded in 1991 under the K Raheja Group, with B. S. Nagesh’s visionary leadership, it has grown into a market leader with a diverse portfolio. Its strategic focus on expansion, digital integration, and premiumization positions it for future growth. The company’s robust geographical presence, strong brand portfolio, and commitment to shareholder value make it a resilient player in India’s retail landscape.
