Lucknow, April 17, 2018: Fashion and apparels etailer “V-Bazaar” Retail which started its retail operation around two year back, has fixed a target to cross Rs 500 crore turnover by 2020 on the back of their expansion plans majorly from Uttar Pradesh and Bihar.
This was announced by “V-Bazaar” Retail Pvt. Ltd. Chairman and Managing Director Mr Hemant Agarwal here on Friday.
He said that the company is aiming to nearly add 15 stores from the current 20 stores in Uttar Pradesh as part of its expansion strategy “We would add around 30 more stores by 2020 and take our store count to 50 in Uttar Pradesh by the end of 2019-2020,” he said in a press conference here.
Mr Agarwal said the company will invest nearly Rs 45 crore to add 23 new stores in tier-II, tier-III and untapped area’s of tier IV places in UP.
” Apart from UP, the group has a plan to open more stores in Bihar. This year the group has a plan to enter in Jharkhand. At present, “V-Bazaar” Retail is operating 29 stores in UP and Bihar,” he added.
In the last financial year 2017-2018, the company had a collected a revenue of Rs 130 crore . As per its growth strategy, the company would continue to focus UP, Bihar and enter in new states like Jharkhand, Rajasthan, Gujarat and Uttarakhand in coming years.
“For growth, as a strategy we are focusing on only tier-II and III places. Soon we would have stores in tier-IV places also. We like to establish “V-Bazaar” as a fashion retail store with our main focus on the variety, style and pricing of the products.” said Mr Agarwal announced.
At present, 40 per cent of the “V-Bazaar” Retail revenue comes from mens apparel, 25 per cent from ladies apparel, 23 per cent from kids apparel and 12 per cent from general merchandise. The company offers a portfolio of products, including apparels and non-apparel.