V-Mart Retail to invest Rs 300 crore on expansion

By

Maverick Martins

Published
Sep 24, 2018

Value fashion retailer V-Mart Retail is planning to invest Rs 300 crore ($41.5 million) over the next five years to expand its retail presence in the country.
 

The company will invest around Rs 100 crore before the end of the current fiscal on the opening of new stores and will also set up a new warehouse.
 
V-Mart is also looking at strengthening its online presence in the coming years and has set a revenue target of Rs 3,500 crore by 2023. For the financial year 2017-18, V-Mart had reported a net profit of Rs 78 crore with a revenue of Rs1,227 crore.

“We are considering an omni-channel strategy and plan to get into online retail to reach our customers. It may happen by end of next year. The company plans to add more than 200 stores in the next five years to create a network of 400 outlets,” V-Mart Retail chairman and managing director Lalit Agarwal told PTI.
 
“We are looking at setting up a new warehouse to service our stores. It will come up in Uttar Pradesh or Bihar as 75 percent of V-Mart’s stores are located in just four states — Uttar Pradesh, Uttarakhand, Jharkhand, and Bihar,” Agarwal added.
 
V-Mart currently operates about 185 outlets in 14 states in India and hopes to end the year with 205 stores.