Shoppers’ Stop, Nuance form airport retail JV

Shoppers’ Stop and Nuance Group AG have formed a joint venture to bid for contracts to set up duty-free retail outlets in Indian airports. The JV is among the five short-listed bidders for a contract to set up duty-free retail outlets at Mumbai international airport. In the airport retailing space India, with a projected annual passenger growth of 10.4%, is considered a strong growth potential market. Nuance with an annual turnover of $1.7 bin has a presence in 17 countries with 340 shops across 57 airports operating in duty-free core categories like cosmetics, liquor, chocolates and specialty stores like food and beverage outlets.

Read the Business Standard article.

UK-based Argos, K Raheja may form retail JV

Argos is signing a JV deal with the K Raheja Group to open stores in India. Argos is Britain’s leading catalogue retailer and sells general merchandise and products for the home from over 670 stores throughout the UK and Republic of Ireland, online and over the telephone. In the last financial year, Argos sales topped £3.8 bn. Argos serves over 130 mn customers a year through its stores and takes 4 mn orders either online or over the phone. Argos is owned by the Home Retail Group. Real estate and retail major, the K Raheja Group owns Shoppers’ Shop, a department store chain and HyperCity, a fledgling hypermarket chain.

Read more details in The Economic Times.