Vedant Fashions (Manyavar) plans to double retail floor space

07 December 2021,  Mumbai:

Vedant Fashions the company that owns brands like Manyavar, Mohey and Mebaz, plans to double retail floor space to two million square feet in the next few years. Most of the company’s exclusive brand outlets are owned and operated by franchisees.

The company has over 300 franchisees and a total of 537 exclusive outlets (including 55 shop-in-shops and 12 international stores) spread over an aggregate retail floor space of approximately 1.1 million sq. ft. in 207 cities and towns in India and eight cities internationally.

About 90.14 percent of sales were generated by franchisee-owned exclusive outlets in the financial year 2021. Moreover, 60 percent of Vedant’s retail area is in Tier II and III cities while the balance is spread over Tier I cities.

Going forward, the company will try to maintain the 60:40 ratio in terms of retail area between Tier I and smaller cities and towns. Next year, the company is planning to add over 100 stores. Last year, it opened 65 stores. Next year, the budget is for 100-plus stores.

For the year ended March 2021, Vedant had revenues of Rs 564.81 crores and a net profit Rs 132.90 crores compared to revenues of Rs 915.54 crores in the previous year and a profit of Rs 236.63 crores.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage