05 January 2023, Mumbai
V-Mart Retail opened 15 new stores during the October-December quarter. The 15 new stores include two in Jharkhand, four in Rajasthan, five in Uttar Pradesh, one in Uttrakhand, one in Telangana, one in Madhya Pradesh and one in Tripura.
The company has been on an expansion spree and plans to open new stores with a focus on Tier II, III and IV cities in 2023. The value fashion retailer offers a wide selection of men’s, women’s, and children’s casual, ethnic, and occasion wear as well as accessories and lifestyle goods.
The company currently runs 414 stores across Tier II, III and IV cities. This winter V-Mart is seeing a good response for sweatshirts, pullovers and jackets. Once it gets colder,especially in the northern part of the country, the retailer expects more sales of heavy jackets, mufflers and caps.
V-Mart Retail’s revenue for the second quarter rose by 50 percent. Net loss narrowed to Rs 11 crores. In all six new Unlimited stores were opened in South India this year and they have been delivering higher sales productivity as compared to the legacy Unlimited stores.
Limeroad was acquired by V Mart earlier, is the primary omni e-commerce vehicle for V-Mart’s online presence. Limeroad is an online fashion marketplace.
