Moneycontrol Bureau
Shares of Shoppers Stop rose 7 percent intraday on Thursday as it gets into a partnership with e-commerce company Snapdeal.
"The flagship Shoppers Stop store on Snapdeal will feature brands and products across various fashion categories like apparel, footwear and accessories. Customers ordering from Shoppers Stop brand store on Snapdeal will be able to pick up the ordered products or get the same deliveredfrom the nearest Shoppers Stop store," the company says in a statement.
As a pilot, it will be launched first in North India and extend gradually to other regions over next 12 months. Consumers will also be able to exchange or return the products bought on the Shoppers Stop brand store on Snapdeal at any of the 74 Shoppers Stop stores across 35 cities.
Kunal Bahl, Co-Founder & CEO, Snapdeal says, "We will offer our strong presence across over 5000 cities and towns to further expand Shoppers Stop’s reach by adding newer geographies of the country.”
Meanwhile, it is learnt that the operator of large format department stores has also entered into a strategic partnership with Bennett Coleman & Co (BCCL) for the brand Femina to foray into consumer products space. BCCL will license 'Femina FLAUNT' to Shoppers Stop to design, develop and retail the brand exclusively across its stores.
Shoppers Stop April-June quarter was not impressive, with net loss at Rs 21.4 crore from Rs 75 lakh in corresponding quarter last fiscal. It incurred an exceptional loss of Rs 23.8 crore in Q1 due to provision for diminution in value of investment in a joint venture.
Shoppers Stop is planning to invest Rs 60 crore over the next three years in omni-channel initiative, supply chain and talent.
In Q1, the company introduced exclusive brands such as Spanish fashion brand Desigual. Shoppers Stop operates large format department stores, home stores, specialty stores like Crossword, Mothercare, M.A.C, and hypermarkets.At 12:01 hrs Shoppers Stop was quoting at Rs 427.25, up Rs 10.75, or 2.58 percent on the BSE.Posted by Nasrin SultanaFollow @NasrinzStory
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
