V2 Retail aims for 100 outlets by March next year

By

Isabelle Crossley

Published
Feb 12, 2018

The value fashion retailer V2 Retail (formerly Vishal Retail Ltd.) has set a target of 100 stores by the end of the next fiscal year, March 2019, and will continue to target Tier 2 and 3 cities.

Along with planning to take its brick and mortar store count to 100 from its current total of 48 by March next year, V2 Retail is also looking to achieve a compound annual growth rate (CAGR) of 40 percent for the next two to three years. "Our target is to have a network of 100 stores by March 2019,” said the brand’s Director, Akash Agarwal, in a conference call. “We have cash with us... our only challenge will be to find good/profitable locations."

Agarwal also stated that the brand has so far identified 40 new store locations, with the remaining 12 still to be sourced. V2 believes that over doubling its store count will increase revenue and also aims to increase revenue contributions from its private label brands which include Herllich, Godspeed, and Stylla. "At present, private label brands contribute to 15 per cent of total sales, we are looking at taking it to 35 per cent," said Agarwal.

Last financial year, V2 Retail reported a turnover of 471 crore rupees (approximately 70.7 million US dollars). The business also received 76 crore rupees (approximately 11.4 million dollars) in investment from the private equity firm Lighthouse in October 2017.