Shoppers Stop to enter Indian airport retail market

Mumbai, June 10 : Shoppers Stop Ltd, a part of K Raheja Corp' - C J Raheja Group, will team up with the Nuance Group to form a joint venture to enter the Indian airport retail market.

Announcing this to BSE, Shoppers' Stop said the JV Company will be equally owned by both partners and plans to offer a comprehensive range of services from operating master concessions to distribution for international brands. A memorandum of understanding to this effect was signed by Shoppers' Stop and Nuance in Hyderabad last evening.

Teaming up in 50:50 joint venture, the two companies offer a perfect combination in expertise of international airport retailing and retailing to the Indian customer. The objective of the joint venture is to offer a wide range of services for Indian airport retail both on the duty free side and the domestic side as per applicable regulations, from the operation of master concessions, duty free, and food&beverage concessions to the franchise of concepts developed by Nuance of third parties as well as distribution of international brands of wine and liquor to hotels and other wholesalers as may be permitted by Foreign Direct Investment Regulations.

Mr B S Nagesh, Managing Director of Shoppers' Stop, comments,''We believe with this partnership we will extend our unique shopping experience to the airports and touch the lives of million of travelers. This will also helps us create a larger footprint across the country''.

Currently, India is one of the most promising markets as far as development in airports and its marketing is concerned. This process is further accelerated by the upcoming privatisation of several major airports across the country as well as by the fast expansion of various airline companies in the country.

The Nuance Group has defined India as one of its key strategic expansion areas.

Shoppers' Stop has built up a strong competence in department stores and operates 20 Company stores all over India, which carry a mix of both national and international brands. It has been paramount in bringing to India some of the best names in fashion and cosmetics.

The Company's 100 per cent subsidiary 'Crossword' sells books, music CDs, Stationary, newsprint, toys and games at 33 locations.

The K Raheja Corp - C L Raheja Group also owns and operates Inorbit Malls one of the most successful malls in the country in Malad a suburb of Mumbai.

UNI