Jaipur, 23rd October 2019: V-Mart Retail Ltd. (NSE: VMART), India’s leading value fashion retailer, continued its accelerated expansion with the launch of its 250th store in Raja Park, Jaipur, Rajasthan. Today, the company has launched three more stores in Kanpur, Kota, and Lucknow cities taking the total count to 253 stores. The opening of these stores, marks the fastest-fifty store launches in the company’s sixteen-year history, reflecting its aggressive expansion plan and growth strategy. With the launch of these stores, V-Mart has joined an elite club of fashion retailers with retail area exceeding 2 million sq. ft.
Driven by a strong customer affinity and growing demand for its fashion apparel, V-Mart is pursuing a calibrated expansion, focusing on tier II, III and IV towns. While, it took V-Mart around twelve years to open its first 100 stores, and less than four for the next 100, the last 50 stores have come up in less than nine months. This expansion is backed by the robust investment in manpower, technology and processes which enables the company to expand to existing markets and enter new geographies.
Speaking at the launch, Lalit Agarwal, Chairman and Managing Director, V-Mart said, “We are glad to announce the milestone of 250 stores. It is another step by V-Mart which demonstrates that the company has been a pioneer in providing access to value fashion to the aspiring class in Tier II, III & IV cities in India. We have continued to believe in our Bharat story by fulfilling the fashion aspiration of youth and young families in emerging India by launching relevant and differentiated fashion, at unmatched price points, which they can easily and conveniently access. This endeavour enables us to remain committed to our vision to create value for all the stakeholders.’
In October 2019, company has opened 15 stores across Uttar Pradesh, NCR, Jammu and Kashmir, Madhya Pradesh, Rajasthan and Arunachal Pradesh. One of the first fashion retailers to introduce modern retail format in small towns in India, V-Mart’s impressive growth over the years underscores the untapped market potential for affordable, high-quality fashion. V-Mart is committed to its intent of providing access to affordable mass fashion, and is planning to invest INR 115 crore in FY20, with a strong focus on North, East and North-East India. The company aims to add around 60 stores this fiscal year, taking its total count to 275.