22 January 2026, Mumbai

The recent passing of legendary couturier Valentino Garavani at 93 has reignited industry focus on the ‘one-of-a-kind’ gold-and-ivory lehenga designed for Isha Ambani’s 2018 wedding reception. This singular creation remains the only traditional Indian silhouette ever executed by the Roman fashion house, marking a significant milestone in cultural cross-pollination. The ensemble, featuring a 24-karat gold-embroidered zari dupatta and intricate floral motifs, successfully integrated European high-couture standards with indigenous bridal aesthetics. This historic collaboration serves as a precursor to the current trend of global luxury houses- including Dior and Chanel - actively localizing their narratives to capture India's burgeoning ultra-high-net-worth segment.

Strategic expansion into the Indian luxury node

Beyond bespoke bridal wear, Maison Valentino has institutionalized its presence in the Indian market through a long-term distribution agreement with Reliance Brands (RBL). Under the creative leadership of Alessandro Michele, the brand is transitioning towards a retail-centric model, with flagship stores in Delhi’s DLF Emporio and Mumbai designed to deliver ‘bespoke client journeys.’ This expansion aligns with a broader sector shift where India is no longer viewed as a satellite market but as a primary luxury hub. Current market data indicates that Indian luxury consumption is being driven by affluent millennials who prioritize cultural identity alongside global brand prestige, prompting international houses to explore more ‘India-exclusive’ product categories.

The future of Indo-global collaborative fashion

The success of the Ambani lehenga, which was recently displayed at the Nita Mukesh Ambani Cultural Centre (NMACC), underscores a lucrative opportunity for high-fashion houses to diversify into ethnic categories. With India’s luxury sector projected to grow at a double-digit CAGR through 2026, the challenge for global brands lies in balancing their heritage codes with localized craftsmanship. Industry analysts suggest that future growth will depend on ‘transformational consumption,’ where brands leverage local talent and craft clusters to create globally relevant but culturally anchored collections.

Founded in 1960, Maison Valentino entered a strategic partnership with Reliance Brands (RBL) in 2022 to scale its Indian footprint. The collaboration focuses on premiumizing the retail experience across 212 global boutiques and key Indian metropolitan hubs. With a target of mid-teen growth, the brand is integrating digital innovation with high-couture values to capture India's emerging elite.

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22 January 2026, Mumbai

The Indian luxury landscape is undergoing a structural transformation, evolving from a high-potential frontier into a core global growth pillar. Reliance Brands (RBL) recently reinforced this trajectory by hosting an immersive showcase for Boss in Mumbai, featuring actor Ishaan Khatter. This event signals a broader strategic move by RBL to transition from traditional retail distribution to experiential brand stewardship, as India’s luxury market is projected to cross $15 billion by late 2026.

High-margin experiential retail strategies

Luxury consumption in India is no longer confined to product ownership but is increasingly driven by cultural capital and ‘memories over materialism.’ By positioning the Boss Fall/Winter 2025 campaign through cinematic storytelling and sculptural installations, RBL is tapping into the growing ‘Henry’ (High Earner, Not Rich Yet) and Dink segments. These demographics are pushing demand for lifestyle-led luxury, contributing to an expected 21.4 per cent annual growth in experiential luxury services across major Indian metros.

Navigating global headwinds and portfolio integration

While the global parent, Hugo Boss, has signaled 2026 as a year of ‘consolidation and realignment’ due to subdued demand in China and the US, the Indian market remains a rare high-scale opportunity. RBL’s recent internal merger with Reliance Retail Ventures aims to eliminate operational redundancies and leverage a massive network of nearly 20,000 outlets.

This integration allows premium brands to scale more efficiently despite volatile global freight costs and shifting trade policies.

Future-proofing through premium diversification

RBL continues to aggressively expand its portfolio, recently securing a master franchise for Italy’s Max & Co and acquiring global rights for prestige beauty brands. India is now firmly positioned among the top three fastest-growing luxury markets globally, notes a recent sector report. By integrating star-led engagement with aggressive physical expansion, Reliance is constructing a sustainable ecosystem that bridges global fashion standards with the nuances of the domestic affluent consumer.

Strategic market leadership

Reliance Brands Limited (RBL) operates as the luxury and premium arm of India’s largest retailer. Since 2007, it has brought over 85 international icons—including Burberry and Bottega Veneta—to the Indian consumer. Currently managing 1,590+ stores, RBL is a key driver in Reliance’s goal to achieve a 20% CAGR in retail revenues through 2028.

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24 January 2026, Mumbai

Rajashri Ghosh, the newly appointed CEO-Denim Business, Arvind Limited has been tasked with expanding the company’s high-margin denim fabric division which recently registered a 16 per cent rise in volumes to 15.2 million meters.

The world’s leading vertically integrated denim manufacturer, Arvind Limited reported a 70 per cent Y-o-Y growth in net profit to Rs 107 crore during Q2 FY26. . As global retailers shift toward agile, data-driven sourcing, Arvind is prioritizing ‘ownership-driven outcomes’ to maintain its competitive edge. The company’s verticalization strategy- integrating fabric production with garmenting - delivered a record 10.7 million pieces in the last quarter, reflecting a 17 per cent increase in output. Punit Lalbhai, Vice Chairman, noted, Ghosh’s execution capabilities will prove crucial as the firm navigates a volatile trade environment marked by a Rs 25–30 crore quarterly EBITDA impact from US tariffs.

Sustainability as a commercial lever

Under the new leadership, Arvind is doubling down on its ‘Sustainable-In-Sustainable-Out’ principle. The firm is currently investing Rs 400–450 crore in capital expenditure, a significant portion of which is dedicated to green technology. By sourcing 60 per cent of its energy from renewables and implementing Zero Liquid Discharge (ZLD) at its Ahmedabad mills, Arvind is positioning itself to meet the stringent ESG requirements of European and American marquee brands. This shift is essential as the Indian denim market is projected to reach $9.15 billion by 2026, driven by a rising domestic preference for eco-friendly, premium ‘clean denim.’

A global textile pioneer and India’s largest denim exporter, Arvind Limited operates an integrated ecosystem from fiber to retail. The company holds a 20 per cent share of the Indian denim market, with a strong focus on high-value, sustainable fabrics for international giants like Gap Inc. and Levi’s. Historically known for inventing ‘Khadi Denim,’ Arvind is now targeting a consolidated revenue goal of Rs 10,000 crore, supported by record quarterly garmenting volumes and expanded renewable energy PPA agreements.

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21 January 2026, Mumbai

India’s fashion retail industry is no longer moving in one direction. It is splitting cleanly and decisively into two distinct lanes. On one side are brands built on performance, utility, and longevity.

On the other are legacy fast-fashion and trend-driven labels struggling to hold consumer attention in a more cautious, value-conscious market.

Financial filings for FY25 reveal that this difference is no longer anecdotal, it is structural.

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While brands such as Uniqlo and Nike are posting double-digit revenue growth and improving profitability, several established Western labels, including Zara, Marks & Spencer, and Benetton, are either stagnating or contracting.

The data suggests that Indian consumers, particularly urban Gen Z and millennials, are quietly rewriting the rules of fashion consumption placing function ahead of fleeting trends.

This shift marks the end of the post-pandemic “revenge shopping” cycle and the beginning of a more rational, utility-driven phase in Indian retail.

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From seasonal trends to everyday performance

The strongest signal from FY25 numbers is the growing preference for apparel that delivers measurable value, comfort, durability, fabric innovation, and versatility. Consumers are increasingly asking not what’s new, but what works. Uniqlo India has emerged as the clearest beneficiary of this recalibration.

The Japanese retailer reported a 44 per cent jump in revenue, crossing Rs 1,100 crore, while more than doubling its profit after tax. The brand’s ‘LifeWear’ philosophy anchored in functional fabrics such as Heattech, Airism, and UV-cut materials has resonated with consumers navigating hybrid work, active urban lifestyles, and rising living costs.

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In contrast, Zara’s India business recorded barely 1 per cent growth, underscoring how rapidly trend saturation and frequent style churn are losing their appeal.

Marks & Spencer’s Reliance Retail joint venture saw revenues fall by 12 per cent, while Benetton slipped into negative territory. Industry executives point out that this is not a rejection of fashion but a demand for justification. Apparel now has to earn its place in the wardrobe. The economics behind a more careful consumer

Macroeconomic pressures have played a crucial role in accelerating this transition. Inflation in housing, food, education, and healthcare has tightened discretionary budgets, even among the urban middle class. At the same time, job market uncertainty especially in tech and startups has dampened impulse spending.

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Although total trade turnover during the 2025 festive season rose by an estimated 25 per cent year-on-year, the benefits were unevenly distributed. Shoppers spent but selectively. Brands that offered a clear value proposition captured growth, while those relying on brand legacy or logo appeal struggled to convert footfalls into meaningful sales.

Nike India’s 14 per cent growth in FY25 reflects this. Riding the athleisure and fitness wave, the brand has aligned itself with a broader cultural shift toward wellness, performance, and everyday athletic wear. R

etail consultants note that sneakers, performance tees, and training wear are now viewed as multi-purpose investments rather than discretionary indulgences.

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India’s apparel market at an inflection point

India’s apparel market is projected to reach $130-150 billion by 2030, pushed up by a young population, increasing urbanization, and rising brand penetration. Crucially, organized and branded retail is gaining share from the unorganized sector, particularly in metros and tier-one cities.

Functional and performance-led brands are leveraging this transition more effectively. Uniqlo, which entered India in 2019, has focused on deepening its metro presence rather than aggressive store expansion, while tightly integrating offline and digital channels.

Nike, operating through a renewed distribution strategy, has concentrated on brand-led storytelling and community-driven fitness culture. Fast-fashion players are not exiting the market but their dominance is no longer assured.

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The financial scorecard tells the story

The clearest evidence of this bifurcation comes from FY25 revenue data disclosed in Registrar of Companies (RoC) filings:

Brand FY24 revenue (Rs cr) FY25 revenue (Rs cr) Growth (%) Uniqlo 815 1,176 45% Nike 1,180 1,344 14% Zara 2,769 2,782 1% Benetton 773 746 -3% M&S Reliance 1,742 1,537 -12% The table highlights a widening performance gap. Uniqlo’s growth stands out not just in percentage terms but also in scale, indicating strong repeat purchases and expanding basket sizes.

Nike’s steady growth reflects resilience in the premium activewear segment. In contrast, Zara’s flat performance suggests market saturation, while Benetton and M&S signal deeper structural challenges rather than temporary slowdowns.

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Uniqlo’s India playbook

Uniqlo’s India success offers a case study in how functional retail can outperform trend-led models. The brand’s disciplined SKU strategy fewer styles, longer shelf lives, and minimal discounting has allowed it to maintain a 15 per cent profit margin in FY25, an exception in a sector notorious for margin erosion.

By emphasizing cost-per-wear rather than entry price, Uniqlo has aligned itself with sustainability-conscious Gen Z consumers who prefer fewer, better-quality garments. Its avoidance of micro-trends has insulated it from fashion volatility while enabling better inventory planning and supply-chain efficiency.

In a market where deep discounting often masks weak demand, Uniqlo’s full-price sell-through has become a competitive advantage.

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A structural reset, not a passing phase

Retail veterans argue that the struggles of brands like Zara and M&S are not cyclical. As an analyst points out, Indian consumers are consciously moving toward functionality as incomes stagnate and living costs rise. This has led to a hollowing out of the middle.

Consumers are either trading down to ultra-value brands such as Zudio or trading up to high-utility premium labels like Nike and Uniqlo. Trend-led mid-premium brands are being squeezed from both ends.

This reset forces legacy Western brands to rethink their India strategies either by integrating performance-driven design or by repositioning sharply on value. What comes next for Indian fashion retail.

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The Rs 5.4 trillion festive trade in late 2025 provided short-term liquidity relief, but it did not reverse underlying consumer behavior.

The next growth phase in Indian fashion will likely be defined by masstige positioning where quality, comfort, and versatility are the primary differentiators.

Brands that successfully blend technical innovation with everyday wearability stand to gain disproportionate market share. Those that continue to rely on fast cycles, heavy markdowns, and aesthetic churn risk being sidelined.

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23 January 2026, Mumbai

For Indian fashion and apparel companies seeking to transition from domestic champions to global contenders, Dubai has emerged as the most consequential overseas market.

It is not the largest apparel market by volume, nor the easiest by cost. Instead, it is the most revealing. Dubai compresses global consumer diversity, premium retail infrastructure, tourism-driven demand, and digital maturity into a single ecosystem—making it an unforgiving but invaluable testing ground.

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Retail contributes close to 20 per cent of Dubai’s GDP, and fashion sits at the heart of that contribution.

Apparel is not a supporting category in the emirate; it is a primary engine of footfall, dwell time, and discretionary spending.

For Indian brands, Dubai represents the first market where product, pricing, storytelling, and execution are judged against global, not domestic benchmarks.

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Where Indian demand meets global expectations

Dubai’s relevance for Indian fashion brands begins with consumer overlap. Indians remain one of the largest tourist cohorts visiting the UAE, alongside a substantial resident Indian diaspora. Apparel shopping particularly in jewellery-linked fashion, ethnic occasion wear, premium casuals, and fast fashion accounts for a significant share of Indian tourist spend. In effect, Dubai functions as an offshore fashion marketplace for Indian consumers, but one that operates under international retail standards.

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Table: Market segmentation strategy for Indian apparel brands

Consumer segment Apparel preference Implication for Indian brands Indian Tourists Occasion wear, jewellery-linked fashion, premium casuals Opportunity to premiumise Indian aesthetics and focus on high-margin luxury segments. Indian Diaspora Everyday ethnic, workwear, festive apparel Demand for consistency and sizing accuracy; focus on reliable fit and cross-seasonal availability. Middle Eastern Consumers Luxury, modest fashion, craftsmanship Push toward fabric quality and superior finishing to meet high craftsmanship standards. Western Tourists Fast fashion, resort wear, global trends Forces trend responsiveness and design agility to compete with global fast-fashion cycles.

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Unlike India, where brands can target a relatively homogenous price band or cultural cohort, Dubai forces Indian apparel companies to design for multiple consumer psychologies simultaneously. This makes the city an early stress test for global scalability.

Brands must balance the high-finishing requirements of the Middle Eastern market with the fast-paced design cycles demanded by Western tourists. For the diaspora market, the primary hurdle isn't just style, but the technical precision of sizing.

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Mall infrastructure as a global fashion arena

Dubai’s fashion ecosystem is anchored by some of the world’s most influential retail real estate. Malls such as Dubai Mall and Mall of the Emirates operate less like shopping centres and more like global fashion exhibitions. Indian brands in these spaces compete directly with European luxury houses, American fast-fashion chains, and East Asian contemporary labels.

The AED 5 billion expansion of Mall of the Emirates, announced by Majid Al Futtaim, signals continued confidence in physical fashion retail, provided it delivers experience, curation, and narrative depth. For Indian brands, presence in these malls acts as both opportunity and audit. Visual merchandising, store design, fit consistency, and service standards are instantly benchmarked against global leaders.

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Table: What Dubai malls test for Indian apparel brands

Retail dimension Dubai benchmark Impact on Indian brands Store Design Experience-led, high CAPEX (sensory-driven, phygital integration). Forces an upgrade from purely functional or storage-heavy layouts to immersive, high-design environments. Visual Merchandising Global luxury standards (curated storytelling, thematic window displays). Improves storytelling discipline, requiring brands to communicate a lifestyle rather than just displaying stock. Product Quality International compliance norms (high fabric durability, finish precision). Raises sourcing and Quality Control (QC) thresholds to meet global export and luxury standards. Brand Positioning Narrative-driven (emotional connection, status, and exclusivity). Moves brands beyond price-led appeal toward value-based and aspirational positioning. In India, scale can sometimes mask inconsistency. In Dubai, inconsistency is immediately exposed. Brands that survive do so because they professionalise not because they discount. To compete in the Dubai market, which is increasingly dominated by Gen Z-focused experiential retail and super-regional mall culture, Indian brands are shifting their core focus.

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From volume to value: Instead of pushing high-volume inventory, brands are focusing on the ‘Hero Product’ strategy.

Quality compliance: With stricter regulatory codes in the Middle East regarding materials and labeling, Indian brands are forced to industrialize their boutique craftsmanship.

From ethnic to global, brand repositioning in the UAE Dubai has played a decisive role in reshaping how Indian fashion brands see themselves. Labels such as Tanishq, Malabar Gold, Fabindia, Manyavar, and Forest Essentials have used the UAE market to reposition from ethnic or value-led players into globally legible brands. The UAE consumer does not reject Indian aesthetics but demands refinement. Fabric choice, colour palettes, tailoring, and finish must align with international expectations while retaining cultural authenticity. This balance is difficult to achieve and makes Dubai an effective brand filter.

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Dubai as India’s preview market

Dubai’s fashion retail is deeply omnichannel. Consumers discover collections online, trial in-store, complete purchases via mobile, and expect near-instant delivery. The UAE’s fashion e-commerce market is growing rapidly and is projected to form a significant share of total apparel sales by mid-decade. For Indian fashion companies, Dubai offers a preview of India’s near future.

Table: Omnichannel fashion capabilities tested in Dubai

Capability Status in Dubai Readiness gap for Indian brands Real-time Inventory Standard expectation: Unified view across all touchpoints is a prerequisite for entry. Partial adoption: Many Indian brands still face lag between warehouse and storefront data. Phygital Shopping Mature: Magic mirrors, AR try-ons, and "endless aisle" kiosks are common. Still emerging: Mostly restricted to flagship stores; lacking widespread regional scale. Personalisation Data-driven: Hyper-targeted AI recommendations based on high-loyalty app data. Often manual: Reliance on store associates' memory or basic CRM rather than predictive AI. Last-mile Delivery Same/Next-day: Non-negotiable standard for the luxury and urban consumer. Improving but uneven: High efficiency in Tier-1 metros, but lacks the consistent speed of the UAE.

Indian brands operating in Dubai are effectively beta-testing systems, ERP integration, demand forecasting, and customer analytics that will soon be mandatory at home as Indian fashion consumption premiumises.

The gap isn't just about technology but the integration of that technology into the daily consumer journey. In Dubai, a customer expects their online loyalty points to be visible to the store associate the moment they walk in a level of phygital synergy that is still being refined in the Indian domestic market.

Inventory synchronization: Closing this gap is the first step toward profitable scaling in the GCC region.

AI personalization: Moving from ‘Dear’ emails to predictive style suggestions is the next frontier for Indian ethnic wear brands.

Dubai as a gateway for Indian apparel exports

Beyond brand retail, Dubai plays a critical role in India’s apparel export strategy. The emirate acts as a regional distribution hub for the Middle East and North Africa, particularly for womenswear, occasion wear, jewellery-linked fashion, and sustainable textiles. Success in Dubai retail often determines whether Indian apparel can scale across the GCC. Buyers, distributors, and mall operators treat Dubai performance as proof of global readiness.

Table: Why Dubai is a filter market for Indian apparel

Factor Dubai Advantage Export Implication Regulatory Clarity Predictable: Harmonized standards and transparent customs procedures. Low entry friction: Reduces the "hidden costs" of compliance and legal uncertainty. Logistics World-class: Access to Jebel Ali Port and the Bharat Mart ecosystem. Faster replenishment cycles: Enables "just-in-time" inventory for fast-fashion trends. Consumer Diversity High: A melting pot of 200+ nationalities and a massive Indian diaspora. Global validation: Success in Dubai acts as a proof-of-concept for Western and African markets. Trade Frameworks CEPA-supported: Zero-duty access for 90% of Indian exports (by value). Long-term investment: Encourages brands to set up permanent regional HQs and warehouses.

Dubai does not reward low-cost manufacturing alone. It rewards design capability, consistency, and compliance forcing Indian suppliers to move up the value chain.

The CEPA effect on competitiveness

Since the implementation of CEPA, Indian apparel exporters have gained a 5 per cent price advantage over global competitors who are still subject to standard import duties.

This margin is often the difference between a brand being premium-priced and market-competitive in high-end malls like Dubai Mall or Mall of the Emirates.

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Trademark protection: Unlike India’s ‘First-to-Use’ system, the UAE operates on a ‘First-to-File’ basis. Brands entering the market must secure their intellectual property (IP) registrations before shipping the first container to avoid trademark squatting.

Logistics hubbing: With the expansion of Bharat Mart, small-to-medium Indian brands can now store inventory locally in Dubai, reducing delivery times to GCC neighbors from weeks to under 48 hours.

Thus Dubai’s importance to Indian fashion is not about volume growth. It is about validation. A fashion brand that succeeds in Dubai has proven its ability to compete on quality, experience, and narrative not just price.

As Indian fashion seeks global relevance, Dubai has become the mirror in which that ambition is tested refined, corrected, and, for the best-prepared brands, confirmed.

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22 January 2026, Mumbai

Shoppers Stop reported a consolidated net profit of Rs 16.12 crore for the quarter ended December 31, 2025, representing a 69 per cent Y-o-Y decline despite a 3 per cent uptick in revenue to Rs 1,416 crore. The fiscal results highlight a significant divergence between volume growth and bottom-line stability. While broader discretionary demand remained uneven due to festive calendar shifts and regional environmental factors in North India, the retailer’s deliberate transition toward a high-margin portfolio has gained momentum.

Premium brands now account for 69 per cent of total sales, registering a 6 per cent like-for-like growth - a figure that suggests affluent consumer segments remain resilient even as mass-market consumption moderates.

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Operational headwinds and structural adjustments

The profitability decline was largely intensified by a Rs 17.5 crore exceptional charge related to the implementation of the New Labor Codes, which necessitated higher employee benefit provisions. Despite these statutory pressures, the beauty vertical emerged as a primary growth engine, with sales rising 14 per cent to Rs 395 crore, driven by high-performance fragrances and the expansion of the SS Beauty format. We are maintaining our strategic focus on experiential retail and high-value categories to offset operational cost escalations, states Kavindra Mishra, Managing Director and CEO. The company also recorded a 7 per cent increase in both Average Transaction Value (ATV) and Average Selling Price (ASP), indicating a qualitative shift in customer acquisition through its 13.3-million-strong First Citizen loyalty program.

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Future scaling and market positioning

Looking toward FY27, management has issued guidance for mid-teen revenue growth, supported by the national rollout of the ‘Intune’ value-fashion format and a calibrated expansion of premium ‘HomeStop’ stores.

While the apparel segment faces intense competition from digital-first disruptors, Shoppers Stop is leveraging its omnichannel infrastructure and refurbished experiential flagship stores, such as the Juhu location, to secure long-term market relevance.

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Operating since 1991, Shoppers Stop is India’s leading premier department store chain with 110 locations and a 4.4 million sq. ft. footprint.

The brand specializes in premium apparel, luxury beauty, and home lifestyle categories.

With a focus on omnichannel integration, the company targets mid-teen revenue growth in FY27, backed by a high-value loyalty base and specialized beauty distribution.

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