Shoppers Stop sells almost entire 5% in airport retail venture

Representational image
Retail chain Shoppers Stop has sold almost its entire 5 per cent stake in airport retail venture Nuance Group Fashion & Luxury Duty-Free Private for an undisclosed sum.

"The company's shareholding in Nuance Group Fashion and Luxury Duty-Free Private Ltd (NGFL) has been reduced from 5 per cent to 0.00035 per cent of the paid-up share capital of NGFL," Shoppers Stop said in a regulatory filing.

Started in 2006, Nuance, through its joint venture with Shoppers Stop Ltd, has been present in the Indian travel retail market for over five years now.

The company operates duty-free shops at arrival and departure halls at the Bengaluru International Airport.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel