V-Mart Retail to acquire ‘Unlimited’ stores from Arvind Lifestyle
Value fashion retailer V-Mart Retail Ltd has 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 this deal, V-Mart will take charge of around 74 Unlimited operating stores across the south and west India. The acquisition also marks V-Mart’s entry into the lucrative South Indian market.
Commenting on the transaction, Lalit Agarwal chairman and managing director of V-Mart Retail Ltd in a statement said, “V-Mart is one of the strongest players in northern and eastern India for the masses in the fashion segment, primarily operating in tier 2, 3 cities. We have always believed in cluster philosophy and as we were not present in southern it has compelled and motivated us to grab this opportunity.”
Speaking on this divestment, Shailesh Chaturvedi chief executive officer at Arvind Fashions added, "We are delighted to find a strong home in V-Mart for Unlimited. We had created a scalable format with significant product capabilities in value retail, which has a large potential. However, in line with our strategy of focusing on our 6 high conviction brands, we decided to exit the business.”
With this transaction, V-Mart currently has 356 stores across 25 states. The company plans to open around 50 stores every year to further fuel its growth in the Indian market.
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