Vedant Fashions (Manyavar) plans to double retail floor space
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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.
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