Beauty shines bright as Shoppers Stop posts 17 per cent segment growth

MUMBAI: Beauty isn’t just skin deep, it is fast becoming the face of Shoppers Stop’s growth story. Beauty emerged as one of the strongest growth engines for Shoppers Stop in FY26, with the segment delivering 17 per cent year-on-year revenue growth and contributing 21 per cent of the retailer’s overall business, as the company doubled down on India’s fast-expanding premium beauty and fragrance market.

Including its distribution operations, Shoppers Stop’s beauty business generated non-GAAP revenue of Rs 1,281 crore during the year, reflecting robust demand for premium cosmetics, skincare and fragrances amid rising consumer appetite for high-end personal care products.

The biggest growth catalyst was Global SS Beauty Brands Ltd. (GSSBB), the retailer’s wholly owned beauty distribution arm, which reported non-GAAP revenue of Rs 426 crore, surging 81 per cent year-on-year. The subsidiary has also delivered a remarkable 90 per cent CAGR over the past three years, underlining its growing importance within the group’s portfolio.

GSSBB continued to strengthen its luxury brand stable during FY26 by adding Mont Blanc, Jimmy Choo and Tory Burch Beauty to an existing portfolio that includes NARS, Clarins, Armani Beauty and Prada Beauty. The company now distributes these brands through 27 retail partners across more than 565 points of sale, while also expanding its presence on quick commerce platforms.

The retailer also reinforced the subsidiary’s financial position during the year, reducing GSSBB’s debt by Rs 109 crore year-on-year and infusing an additional Rs 50 crore in capital. As of the end of FY26, the subsidiary’s debt, excluding lease liabilities, stood at Rs 154 crore.

Fragrances remained another bright spot. According to Global SS Beauty Brands Ltd. managing director and CEO Biju Kassim the fragrance business recorded 37 per cent growth during FY26, mirroring consumers’ increasing preference for premium and prestige beauty products.

Shoppers Stop said it will continue investing in the business as it expands its distribution footprint while driving higher beauty productivity across its retail stores.

The retailer’s strategy aligns with the broader momentum in India’s beauty and personal care industry. The domestic market is currently estimated at $31–33 billion in 2025 and is projected to reach $38–40 billion by 2030, fuelled by rising disposable incomes, urbanisation, premiumisation and growing demand across Tier II and Tier III cities.

With premium beauty emerging as one of retail’s fastest-growing categories, Shoppers Stop is betting that the next wave of growth will come not just from selling fashion but from helping consumers put their best face forward.