'V-Mart Retail' to open 55 stores this year

29th August 2021, Mumbai:

Value fashion and lifestyle products retailer V-Mart Retail plans to open around 55 stores in the current financial year. The retailer currently has around 274 stores across India with a strong presence in Tier II, III cities.

In Q2FY21 ended June 2021, V-Mart Retail reported a net loss of Rs 29 crore ($4 million) as against a net loss of Rs 34 crore it reported in the year-ago period.

As per Fashion Network, the company’s revenue for the quarter jumped two-folds to Rs 177 crore, as against Rs 78 crore it reported in the corresponding period of the previous fiscal year. Its total expenses increased by 77 percent at Rs 220 crore, as against Rs 125 crore it reported last year.

Lalit Agarwal, Chairman and Managing Director, says, the quick pick-up in consumer demand is a testimony to the customers trust in the V-Mart brand, as well as the deep-rooted relationships at local level communities. With a larger number of people getting vaccinated overall, consumer sentiment is already leading back to normal. Business is expected to bounce back stronger in the coming months and the company expects a strong festive season.

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