10 November 2021, Mumbai:
V-Mart Retail has strengthened its leadership team with the appointment of its independent director Aakash Moondhra the new chairman.
With this, V-Mart aims at improving the corporate governance framework by splitting the chairman and managing director roles. This is a big change for a so-far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture.
V-Mart is the country’s leading value fashion retailer with a strong presence in Tier II, III, IV towns with a store count of 375. About 70 percent of V-Mart’s offerings are private labels. V-Mart has improved a lot on private labels not only in terms of designs but also in terms of product quality and has also worked on sourcing capabilities in private labels.
Customers have started recognising its private labels. The company has also improved a lot on in-store branding and visual merchandising. Online retail will also be used to increase its private-label strategy.
V-Mart Retail has witnessed an increase in footfalls over the last two months and expects revenue growth over the next two quarters on the back of strong festive season sales. The company hopes to recover from the Covid-19 disruptions over the next few quarters on the back of its retail expansion.
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