Shares of Shoppers Stop bounced back in the green today after it signed a strategic distribution partnership with a Japanese beauty manufacturer.
What Happened: In a regulatory filing on Wednesday, the company informed that it had signed a ‘strategic distribution partnership agreement’ with Shiseido Asia Pacific. Shiseido owns several skincare, make-up, and fragrance brands.
As per the filing, the Japan headquartered company will look to expand its brand footprint in India through the partnership. “Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics in the second half of 2023 in key cities in India,” the statement added.
Shoppers Stop’s CEO and MD Venu Nair said that the company’s wide network and its ‘strong omnichannel presence’ will help Shiseido Group to launch NARS in India with higher speed and efficiency.
Price Action: Shares of Shoppers Stop jumped 0.81% to ₹650 at market open on Thursday.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.