Italian company Nuance Group is forming a joint venture with Shopper’s Stop to tap the Indian airport retail market. An MoU has been signed by representatives of both the companies in the first week of June 2006.
The Nuance Group is the world’s leading airport retailer, operating 330 outlets at over 50 airports in 17 countries. Speaking on the venture, Carlo Bernasconi, Executive Vice-President-Business Development and Strategic Marketing, the Nuance Group, said, “The signing of this MoU with Shopper’s Stop Ltd is a first milestone for the Nuance Group’s entry into the dynamic growth market in India. We are convinced that together we will be able to create a truly unique offer perfectly tailored to the needs of the customers at Indian airports.”
Shopper’s Stop Ltd is part of the K Raheja Group of companies and is its first retail venture. It is one of the pioneers in large format department stores in India, dating back to the early nineties with its flagship store in Andheri, Mumbai. At present, there are 20 Shopper’s Stop stores all over the country, housing a mix of both national and international brands. The K Raheja Group, which also owns the Crossword and Inorbit malls, further expanded its presence in the retail segment with Hypercity in Malad, Mumbai. Shopper’s Stop Ltd is the only Indian retail chain, which is a member of the Intercontinental Group of Departmental Stores (IGDS).
Both Nuance Group and Shopper’s Stop will hold 50 per cent stake each in the joint venture company, which plans to offer a comprehensive range of services from operating master concessions to distribution for international brands.
Commenting on this development B S Nagesh, MD, Shopper’s Stop Ltd, said, “We believe with this partnership we will extend our unique shopping experience to the airports and touch the lives of millions of travelers.”