V-Mart Retail strengthens retail presence with Unlimited acquisition, opens new stores
Value fashion and lifestyle retailer V-Mart Retail Limited has strengthened its retail presence and entered the south Indian market by taking over 74 stores of Unlimited in South and West India.
Additionally, the company has also opened four new stores, two in the state of Bihar and one each in the state of Delhi, and Uttar Pradesh.
In July, V-Mart had signed a deal to acquire all existing stores of Unlimited from Arvind Lifestyle Brands Ltd (ALBL), a wholly-owned subsidiary of Arvind Fashions Ltd (AFL).
With the acquisition and opening of new stores, V-Mart has taken its store count to 363 stores. The company plans to open around 50 stores every year to further fuel its growth in the Indian market.
V-Mart Retail managed to narrow its net loss to Rs 29 crore ($4 million) for the first quarter ended in June 2021 while its revenue jumped two-folds to Rs 177 crore despite the Covid-19 disruptions.
On the back of this acquisition coupled with the retail expansion, the company expects strong sales going forward and expects business to bounce back in the coming months.
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