V-Mart to invest Rs 40 crore on retail expansion

Value Fashion retailer, V-Mart has set aside an investment of Rs 40 crore ($5.7 million) on its retail expansion over the next six months.

The company will be expanding its footprint by adding 20 more stores especially in tier 2, 3 towns in India. V-Mart has been aggressively expanding its presence and has opened more than 50 stores this year.

"Our average store size is 8,000 sq.ft., and the cost per sq.ft comes to around Rs 2,500. We will aim to open 20 new stores by the end of this fiscal," Lalit Agarwal, chairman and managing director of V-Mart told the Economic Times.

"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," Agarwal added.

V-Mart had witnessed a 25 percent jump in revenue to Rs 453 crore for the first quarter on the back of its retail expansion with a net profit of Rs 18 crore.

V-Mart had posted sales revenue of Rs 1,434 crore in the financial year 2018-19. It is aiming to triple its sales in the next three to four years.

V-Mart currently has 253 stores across India and also sells online.

V-Mart to invest Rs 40 crore on retail expansion

See also