Mumbai: Shoppers Stop is mulling exiting the airport retail business. It may dissolve its JV with Nuance Group, having taken impairment in the value of its investment in its duty-free airport retailing venture for the first time this quarter.
Its standalone net loss of ₹21.43 crore for the first quarter this year was attributed to the one-time provisioning of ₹23.81 crore in its joint venture company with Nuance India.
“When we forged the JV in 2006, there were plans to open stores at five-six international airports, but we are operational in only a couple of airports today. Duty-free retailing is an expensive business. Having taken a one-time impairment, we will re-evaluate this business,” said Govind Shrikhande, Managing Director, Shoppers Stop.
13/08/15 Purvita Chatterjee/Business Line
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Its standalone net loss of ₹21.43 crore for the first quarter this year was attributed to the one-time provisioning of ₹23.81 crore in its joint venture company with Nuance India.
“When we forged the JV in 2006, there were plans to open stores at five-six international airports, but we are operational in only a couple of airports today. Duty-free retailing is an expensive business. Having taken a one-time impairment, we will re-evaluate this business,” said Govind Shrikhande, Managing Director, Shoppers Stop.
13/08/15 Purvita Chatterjee/Business Line
