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Tag: v-mart

  • V-Mart reports 27 percent growth in topline, reaches 200-store milestone

    V-Mart reports 27 percent growth in topline, reaches 200-store milestone

    V-Mart Retail, India’s leading value fashion retailer,  announced its unaudited financial results for the quarter and nine months ended 31st Dec,2018 whichwere approved by the Company and Board of Directors at its meeting held on 5th Feb, 2019. The company posted robust numbers for the third quarter, recording 27 percent YoY growth in revenue from operations, 15 percent increase in EBITDA and same store sales growth (SSSG) of 11 percent. The quarterly revenue and EBITDA stood at Rs 4658 million and 733 million, respectively, up from Rs 3680 million and 640 million in the previous year. The strong topline growth was also mirrored in PAT, which at Rs 417 million, delivered 14 percent YoY growth.Festive season shopping – comprising Durga Puja, Diwali and Chhath – in the company’s main geographic markets was the primary growth driver for the quarter. In the 69-day duration from 6th Sep – 13th Nov spanning the three festivals, the company registered overall and like-to-like growth of 49 percent and 27 percent, respectively. This was achieved through revamped product assortment, supply chain, and marketing and sales strategies that the company executed effectively. The company has invested in ramping up its warehousing capacity and strengthening the talent pool at all levels.

    Riding on the back of healthy numbers in Q3, V-Mart continued to strengthen its performance for the fiscal year. On a YTD basis, revenue stood at Rs 10,892 million for the nine months ended 31st Dec, growing at 18 percent YoY, while EBITDA and PAT, at Rs 1127 and Rs 625 million, grew at 3 percent and 1 percent, respectively.

    Commenting on the company’s performance in Q3, Lalit Agarwal, CMD, said “There has been a great execution of fresh product ideas and customer connect which was amplified by strong festive demand in all our markets. V-Mart was well prepared and well-positioned to tap into this opportunity in all its key markets, delivering its value fashion promise with a wider and deeper assortment that resonated with the fashion aspirations of our customers. Launch of stores in Assam and Meghalaya further added the growth momentum for the company and the company witnessed its best ever Durga Puja sales during the quarter especially from the Bengal region. We thank all our valued customers for their trust and belief in V-Mart and look forward to their continued support.”

    While driving a strong execution focus during the festive season, the company maintained its consistent pace of retail network expansion, reaching the 200-store milestone in December. V-Mart opened 10 new stores during thequarter, andon a YTD basis, has added 29 stores with more launches planned in the last quarter. While the company took 12 years to open its first 100 stores, the journey to the next 100 has taken less than 3 years. Looking ahead, the company is building a strong pipeline of locations for targeted store expansion in the next fiscal year.

    For the upcoming Spring-Summer 2019 collection, the company shall be launching a new range of Indigo collection denims, camouflage, high fashion t-shirts, joggers, ladies tops, salwar suits, gowns, solid woven skirts for girls and kurti’s along with a new kids summer collection. The launch of summer collection and the special marriage range, with an emphasis on vibrant colors and silhouettes willgive shoppers a wide choice of fabricsand form key customer-centric highlights of the next quarter.

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  • Value fashion retailer in India launches 200th store

    Value fashion retailer in India launches 200th store

    V-Mart, the world’s best performing department store chain in 2018 as per data compiled by Bloomberg, launched its 200th store in Mughalsarai, Uttar Pradesh. With this landmark achievement, the company has opened a total of 29 new stores in the current fiscal year so far.

    Earlier this month, the company launched its 198 th and 199 th store, both also in UP, at Kannauj and Naubasta near Kanpur, respectively.

    Marking the significance of this milestone for the company, Lalit Agarwal, CMD of V-Mart said, “We remain focused on strong execution, riding on the back of our proven cluster-based expansion model. The 200th store is a key milestone for V-Mart, more so, because we have added the last 100 stores in
    three years, while we took twelve years for the first 100. This demonstrates accelerated customer demand and V-Mart’s ability to translate that into all-round value creation.”

    With the 200th store launch coming just ahead of Christmas and New Year, V-Mart has planned a grand celebration campaign at select locations, starting with Kannauj and Mughalsarai, to bolster the festive spirit among its customers. At both the locations, the company is organizing a ‘Mela’ in large open fairgrounds, inviting the general public to enjoy an eclectic mix of food, fun and entertainment.

    The event in Kannauj, organized with complete support from the local administration, received tens of thousands of attendees enjoying music, folk performances, choreographed shows, fun rides, and delectable street food.

    Snehal Shah, SVP, Projects and Marketing, said, “V-Mart has always endeavored to createlasting value and moments of happiness for its customers. These celebrations are a small way of saying thanks to our customers who have made this milestone possible.”

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  • V-Mart India appoints new Independent Director

    V-Mart India appoints new Independent Director

    V-Mart, the world’s best performing department store chain, has announced the appointment of Govind Shrikhande as an Independent Director of the company, effective Nov 2, 2018. Shrikhande possesses rich cross-functional experience in the textiles, apparel and retail industry. In his last professional role, he was the Managing Director of Shoppers Stop, where he started his stint in 2001 as the Vice President of Buying & Merchandising function, growing to the role of Chief Operating Officer role before being elevated as the MD.

    Prior to Shoppers Stop, he was associated with Mafatlal and Johnson & Johnson. He has the unique distinction of being part of the team that launched Arvind Denim and Arrow. Shrikhande has also worked with Bombay Dyeing.

    With this appointment, V-Mart’s current Board constitution is as follows: Lalit Agarwal, Chairman & Managing Director; Madan Agarwal, Whole Time Director; Aakash Moondhra, Independent Director; Murli Ramachandran, Independent Director; Sonal Mattoo, Independent Director; and Govind Shrikhande, Independent Director.

    Welcoming Shrikhande to the board, Lalit Agarwal, Chairman and Managing Director said, “We are excited to welcome Govind on the Board of V-Mart. His extensive experience in managing large scale organizational transformation to drive customer centricity, and successful adoption of enabling technology and processes will be a great asset to the value retailing ethos of the company.”

    “V-Mart has a strong brand as a value retailer, impressive connect with its customer base in Tier II and III towns, and is well-positioned to establish leadership in the affordable fashion segment,” commented Govind Shrikhande. “I am honored to join the Board during a time of opportunity driven by dynamic shifts in the Indian retail landscape, with millions of families in Tier II, III and IV towns transitioning to a modern retail and Omnichannel experience.”

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  • V-Mart Retail evaluating Omnichannel strategy to expand business

    V-Mart Retail evaluating Omnichannel strategy to expand business

    Value fashion and lifestyle products retailer V-Mart Retail, which primarily operates in smaller towns, is evaluating a Omnichannel (offline and online retail) strategy to expand business and reach its customers.

    According to a report: The company is also looking at investing Rs 100 crore next fiscal to open new stores and setting up a new warehouse.

    V-Mart primarily operates in Tier II, III and IV cities and follows a cluster-based model approach to expand and has a set a target to invest Rs 300 crore to double store count and treble its turnover to Rs 3,500 crore in the next five years.

    “We are considering an Omnichannel strategy and plan to get into online retail to reach our customers. It may happen by end of next year,” Lalit Agarwal, Chairman and Managing Director, V-Mart Retail said.

    It currently operates about 185 outlets in over a dozen states in India. The company plans to add more than 200 stores in the next five years to create a network of 400 outlets.

    In 2017-18, the company had reported a revenue of over Rs 1,200 crore.

    The company also plans to invest Rs 100 crore next fiscal to open new stores and set up a new warehouse in the country.

    “We are looking at setting up a new warehouse to service our stores. It will come up in Uttar Pradesh or Bihar,” Agarwal further said.

    About 75 percent of V-Mart’s stores are located in just four states — Uttar Pradesh, Uttarakhand, Jharkhand and Bihar.

    V-Mart, at present, has a distribution centre located near Gurugram to service all its stores.

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