'More Group' with an initial investment of Rs. 150 crores, enters the clothing retail market
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26th August 2021, Mumbai:
More Group, an Rs. 1,000 crore conglomerate based in Kolkata, has entered the clothing retail market with the introduction of ‘SNV Shoppee' (Sanvie Shoppee), a well-organized value retail network of shops.
The Group is investing Rs. 150 crore in the initial phase of the new entity's debut, with plans to open 75 retail stores across the nation by the end of the year. For many years, the More Group has been involved in the production and export of clothing. Sanvie Retail, a newly created firm, will run SNV Shoppee.
In the presence of Anand Kumar More, Joint Chairman, and Varun More, MD, Sanvie Retail, Alok Kumar More, Chairman, presented the brand's logo and highlighted the Group's vision and future goals for the current fiscal year. “It was always my goal to see people wearing their favorite high-quality or so-called branded clothing at a reasonable price. For the mid-and low-income sector, I've always sought to bridge the gap between desire and capacity. As a result, we decided to enter the organized retail sector under the brand name SNV Shoppee in India's major cities. In a statement, Alok Kumar More stated, "We have a solid plan in place to further expand our presence across the country."
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SNV Shoppee's major goal is to close the economic gap by creating high-quality, inexpensive clothing for our target market. To ensure ultimate client pleasure and receive a good value for money, special focus has been placed on product quality. The new designs are in line with current fashion trends and customer expectations. “We are introducing SNV Shoppee in virtually all important areas of West Bengal, Odisha, Assam, Uttar Pradesh, Madhya Pradesh, Jharkhand, Bihar, Tripura, and New Delhi — mostly in Tier-2 and Tier-3 cities to appeal to the broader mass,” said Varun More. We also want to open 7 additional locations by the end of this fiscal year and 50 more stores by the next year, expanding our reach into new markets. In our institution, we want to develop a pool of work possibilities in a variety of industries.
Our current staff is 1,500 individuals, and we want to hire at least 400-500 additional workers in the next months. The whole money has come from the group's internal accruals.” In addition to clothes, the firm will provide a line of non-apparel items, such as stationery and home décor. More Group has three production facilities in West Bengal, each with in-house designers dedicated to creating stylish items.
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