V-Bazaar Retail to invest Rs 45 crore on expansion in India

Fashion and apparel retailer V-Bazaar Retail will invest Rs 45 crore on its expansion in India and plans to add around 23 new stores over the next two years.
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The company is only looking at tier 2, tier 3 cities for its next phase of expansion and will open majority of its stores in the states of Uttar Pradesh and Bihar. The retailer is also looking to enter new markets like Jharkhand, Rajasthan, Gujarat and Uttarakhand in the coming years.
The company has received good response from these markets and managed to generate revenue of Rs 130 crore in the current financial year.
“The company will invest nearly Rs 45 crore to add 23 new stores in tier-II, tier-III and untapped areas of tier IV places in Uttar Pradesh. Apart from Uttar Pradesh the group has a plan to open more stores in Bihar. This year the group has a plan to enter in Jharkhand”, Chairman and Managing Director Hemant Agarwal was quoted as saying by news agency PTI.
“For growth, as a strategy we are focusing on only tier-II and III places. Soon we would have stores in tier-IV places also. We like to establish V-Bazaar as a fashion retail store with our main focus on the variety, style and pricing of the products. At present, 40 percent of V-Bazaar Retail’s revenue comes from men’s apparel, 25 percent from ladies apparel, 23 percent from kid’s apparel and 12 percent from general merchandise, said Agarwal.
V-Bazaar is one of North India’s largest family stores chains in North India started by Hemant Agarwal. It currently operates 29 stores in Uttar Pradesh and in Bihar.

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