Vedant Fashions (India) would have double the amount of retail space

07 December 2021,  Mumbai:

Manyavar, Mohey, and Mebaz are among the main ethnic wear brands owned by Vedant Fashions, which plans to quadruple its retail floor space to 2 million square feet in the next few years. According to Arif Raza, the business's Chief, Retail Business Development & Projects, the company currently occupies 1.1 million square feet and plans to expand to 2 million square feet in the next few years.

He also stated that the corporation would strive to maintain a 60:40 retail space ratio between Tier-I and smaller cities and towns in the future.

It currently has over 300 franchisees and 537 EBOs (including 55 shop-in-shops and 12 foreign stores) scattered throughout 1.1 million square feet of retail space in 207 Indian cities and villages, as well as eight international cities. The company has opened 65 locations in the last year, with another 100 planned for next year. While the sales per square foot in Tier-I and Tier-II cities varied significantly, Raza pointed out that the cost in smaller towns and cities is also significantly lower. "So," he continued, "it works." The company is also focusing on data, and Raza believes that it has virtually turned into a tech company that is paying more attention to data. Notably, the company's wedding season has been going well, thanks to pent-up demand and a shift toward organized retail.

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