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News Details

Wednesday, 4 September 2019

V-Mart retail expands in India; set to invest Rs. 115 crore, open 60 stores and employ 2,000 people

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In its endeavour to expand its retail footprint this financial year, V-Mart retail is all set to invest Rs. 115 crore and hire 2,000 people in addition to the 7,000 people already employed at the company.

And that’s not all! The fashion and lifestyle retailer, currently present in tier 2 and tier 3 cities, is planning to open 60 more stores, bringing the store count up to 275.

The new stores will come up in Bihar, Jharkhand, West Bengal, Odisha and northeastern states, besides markets like Madhya Pradesh and Rajasthan.

In 2018-19, V-Mart Retail Ltd. had posted a revenue of Rs. 1,433.75 crore.

Talking of investment, Lalit Agarwal, Chairman and Managing Director, V-Mart Retail said “We would be investing around Rs. 1.5 crore per store (on average) and additionally invest around Rs. 25 crore in warehouses and training of staff, etc.”

He also added “The investment would primarily come from internal accruals and some from debts from financial institutions. Consumption levels are much higher in the markets we operate in. These markets are under-served. We will continue to go deeper and focus on tier 2, 3 and 4 towns as we expand and we will also keep on adding new states.”

The company is also working on an omnichannel retail strategy by integrating offline stores with its online e-commerce portal.