Nuance Group, Shopper's Stop sign MOU for duty free retail market at airports

New Delhi, June 10, 2006 - The Nuance Group is teaming up with one of India's leading retailers Shopper's Stop Ltd. (part of the K. Raheja Corp. - Chandru. L. Raheja Group) in a joint venture designed to enter the Indian airport retail market. The JV Company will be equally owned by both partners and plans to offer a comprehensive range of services, from operating master concessions to distribution for international brands.

The MoU was signed by the companies' representatives in Hyderabad today.India, is currently one of the most promising markets as far as development in airports and its marketing is concerned. This process is further accelerated by the upcoming privatisation of several major airports across the country as well as by the fast expansion of various airline companies in the country. The Nuance Group has defined India as one of its key strategic expansion areas.

Shopper's Stop Ltd., has built up a strong competence in department stores and operates 20 Shoppers' Stop stores all over India, which carry a mix of both national and international brands. The company has been paramount in bringing to India some of the best names in fashion and cosmetics. Shopper's Stop Ltd. (a part of K. Raheja Corp.- C.L. Raheja Group) group company has a 100% subsidiary Crossword, which sells books, music CDs, stationary, newsprint, toys and games at 33 locations. K.Raheja Corp- .- C.L. Raheja Group also owns and operates Inorbit Malls one of the most successful malls in the country in Malad a suburb of Mumbai.

In early 2006, the K. Raheja Corp. - C.L. Raheja Group has introduced their value retail concept Hypercity which is the country's largest hypermarket at 118,000 sq.ft.

Teaming up in a 50/50 joint venture, the two companies offer a perfect combination in expertise of international airport retailing and retailing to the Indian customer. The objective of the joint venture is to offer a wide range of services for Indian airport retail both on the duty free side and the domestic side as per applicable regulations, from the operation of master concessions, duty-free, and food & beverage concessions to the franchise of concepts developed by Nuance or third parties as well as distribution of international brands of wine and liquor to hotels and other wholesalers as may be permitted by Foreign Direct Investment Regulations.

Carlo Bernasconi, EVP Business Development & Strategic Marketing, The Nuance Group, comments: "The signing of this MoU with Shopper's Stop Ltd. is a first milestone for The Nuance Group's entry into the dynamic growth market India. We are convinced that together we will be able to create a truly unique offer perfectly tailored to the needs of the customers at Indian airports."

Mr. B.S. Nagesh, MD, Shopper's Stop Ltd., comments: " We believe with this partnership we will extend our unique shopping experience to the airports and touch the lives of millions of travelers. This will also help us create a larger footprint across the country".

The Nuance Group - The Nuance Group ( is the world's leading airport retailer, operating 330 outlets at 59 airports in 17 countries and employing 4 500 personnel. The Nuance Group is jointly and equally owned by its two Italian shareholders, GECOS/Gruppo PAM ( and Stefanel (

Shopper's Stop Ltd. - Shoppers' Stop Ltd., is a leader in the Indian Retail Sector and one of the pioneers in setting up large format department stores chain in India.

Shopper's Stop Ltd has a national presence, with 950,701 square feet of retail space and stocks over 200 international and Indian brands.

India's premier shopping destination with stores in Mumbai, Delhi, Bangalore, Hyderabad, Jaipur, Pune, Kolkata, Gurgaon, Chennai and Ghaziabad, Shoppers' Stop is today India's largest retail chain of department stores. Shoppers' Stop Ltd., is the only Indian member of IGDS (Intercontinental Group of Departmental stores) along with 29 other experienced retailers from all over the world. Shoppers' Stop has been awarded Superbrand status 2003-2007 by an independent Super brands Council comprising of the most eminent professionals from Marketing and Advertising out of a national list of 711 brands across 98 categories.

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