Shoppers Stop is India’s leading premium multi-format retailer, built on the idea of bringing the world’s best brands to the country’s aspirational families. Founded in 1991 as a single department store and part of the K. Raheja Corp. group, it has since expanded into beauty distribution, value fashion, and home retail, all anchored by a loyalty programme that now counts 13.5 million members. The recurring approach is a deliberate shift toward “premiumization” - moving the product mix and experience upmarket - which now shapes everything from the brands it stocks to the personal shoppers it trains. # Business segments Three engines at different stages - a scaled department-store anchor, a fast-growing beauty distributor, and a young value-fashion chain - each feeding the same loyalty ecosystem. ## 1. Department stores: the premium anchor where India shops for brands **A chain of 113 large-format stores that curates over 500 premium and international brands under one roof, increasingly behaving like a lifestyle club rather than just a shop.** - **A “bridge to luxury” assortment** - the stores sit between mass retail and pure luxury, with premium brands now contributing 71% of department-store sales and growing at 13% year-on-year. The portfolio includes names like TOMMY HILFIGER, MICHAEL KORS, BURBERRY, and Dior, alongside new additions such as HUGO BOSS and BAUME & MERCIER. - **Non-apparel is the growth engine** - watches, fragrances, and handbags are the fastest-moving categories, with the business selling roughly 70 watches and 150 fragrance units every hour in FY26. This shift is deliberate, because these categories carry higher ticket sizes and pull in new customers. - **Personal shoppers drive a quarter of sales** - a team of over 430 trained stylists, armed with AI recommendations and customer purchase history, generated more than INR 1,200 crores in FY26, or 26% of total sales. The average ticket size for these transactions is three times the normal one, which is why the programme has doubled its share of sales in four years. - **Stores are being rebuilt for the premium shift** - eight Department stores opened and three were renovated in FY26, with marquee locations like Juhu and Inorbit Malad getting state-of-the-art designs that lift customer throughput after the revamp. The flagship format crossed INR 5,000 crores in sales for the first time this year. ## 2. Beauty distribution: the pipeline that brings global luxury labels to India **A wholly owned subsidiary that acts as the master distributor for 35-40 international beauty brands, selling them to other retailers and earning a margin on every bottle.** - **The first call for brands entering India** - Global SS Beauty Brands (GSSBB) has become “the first port of call for almost any premium brand coming to India,” onboarding several new premium brands and adding 20 new points of sale in FY26. It holds exclusive distribution rights for labels from L’Oréal’s International Division, Clarins, and NARS Cosmetics. - **A B2B engine with national reach** - GSSBB generates revenue by distributing to 27 retailers across 565 points of sale, not by running its own stores at scale. It also operates a handful of prestige boutiques - four Armani, two NARS, and one Prada - in top-tier malls, but the core model is wholesale distribution. ## 3. INTUNE: the value-fashion bet for young India **An 84-store chain selling only its own affordable apparel brands, built to capture the mass market without diluting the premium parent.** - **100% private-brand, 100% value** - INTUNE is a “fashion-for-all” format launched in mid-2023, carrying only in-house labels across men’s, women’s, and kids’ clothing, with a new anchor price point of INR 1,299 introduced across categories. Because the company controls the entire value chain, it can manage costs tightly. - **Productivity improves with age** - mature stores that have been open for more than six months generate roughly 25% higher sales per square foot than newer ones, and the INTUNE format achieves an 80% full-price sell-through within a year. Customer conversion stands at 33%, and the repeat-customer mix has climbed from 35% to 45%. - **Still in build-up mode** - the chain grew revenue 46% to INR 282 crores in FY26 and expanded from 22 to 84 stores across 39 cities in two years, but it is not yet profitable at the business level. The company expects to halve the EBITDA loss in the coming year and reach break-even in FY28, while keeping capital expenditure at INR 1,550 per square foot for the INTUNE format. # First Citizen loyalty programme **A 13.5-million-member programme that functions as the connective tissue across all formats, locking in repeat purchases and customer data that pure-online rivals cannot replicate.** - **Members are the business** - First Citizen members contribute 84% of total company revenue, with a 69% repeat rate, creating a layer of predictable demand. The programme added a record 9.4 lakh new recruits in FY26. - **A paid tier that deepens the moat** - the Black Card, a premium subscription tier, grew 50% to 134,000 members and now accounts for 21% of total sales, with a renewal rate of 74%. These members are the highest spenders, and the company runs 36 exclusive events across 25 cities to keep them engaged. - **Data turns into sales** - AI-driven personalised campaigns generate three times higher response rates during flagship sales, and the programme is enhanced by a co-branded credit card with HDFC Bank and a rewards app that lets members earn points at partner brands like McDonald’s and Pizza Hut. # Group structure and partners **The company sits within the K. Raheja Corp. group, a real-estate conglomerate, and runs its beauty distribution through a separately capitalised subsidiary.** - **Parent and listed entity** - Shoppers Stop Ltd. is one of three listed entities in the K. Raheja Corp. group, alongside Chalet Hotels and Mindspace Business Parks REIT, with the promoter group holding a 65.52% equity stake. The Board includes Ravi C. Raheja and Neel C. Raheja, who also oversee the group’s other listed businesses. - **Four wholly owned subsidiaries** - the material one is Global SS Beauty Brands Ltd., the beauty distributor, into which the parent has invested INR 105 crores in preference share capital as of March 2026. Shoppers’ Stop.Com (India) Ltd. runs the online platform, while two other entities - Shoppers Stop Brands (India) Ltd. and Gateway Multichannel Retail (India) Ltd. - had no operations during FY26. - **Key partnerships** - the company has a co-branded credit card with HDFC Bank, a rewards-app collaboration with Single.id, and a brick-and-mortar launch partnership with House of Beauty for the Max Factor brand across 70 stores.