V-Mart sees growth opportunity for value fashion, plans over 50 store openings this fiscal
Value fashion retailer V-Mart plans to open around 55 stores in the current financial year as it aims to get back to the momentum it had in the 2020 fiscal year and sees an opportunity for growth driven by young consumers.
“We are on our plans and we have opened up almost 55 stores in the 19-20 fiscal year,” Lalit Agarwal, V-Mart’s CMD, told ET Now in an interview.
“We did not open too much in the last year, we opened only around 20. We certainly look forward to trying and matching the numbers of openings of the 19-20 fiscal year if things do not worsen from here.”
The brand has seen demand for categories including outerwear and party wear pick up over the past two to three months. However, a return of local lockdowns in some areas could cause this trend to reverse, according to V-Mart. The brand expects product categories including loungewear and casual wear to drive sales in the coming months.
The brand has also seen increased traffic on its e-commerce store which is designed to compliment its offline retail outlets. Online retail is also an important way to reach young shoppers, who V-Mart sees as a very important demographic to capture for growth.
“Youngsters will drive value fashion retail very hard and that is really going to be very big in India,” said Agarwal.
“Value fashion is going to be there and we are definitely targeting that. We believe that more and more aspiration, more and more social media, and more and more communication will lead to more strength in value fashion retail."
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