Fashion and apparels retailer V-Bazaar Retail, which started its retail operations in May 2016, is aiming for a Rs 5 billion turnover by 2020 on the back of their expansion plans majorly from Uttar Pradesh and Bihar.
The company is aiming to nearly add 15 stores from the current 20 stores in Uttar Pradesh as part of its expansion strategy.
“We would add around 30 more stores by 2020 and take our store count to 50 in Uttar Pradesh by the end of FY 2019-2020,” V-Bazaar Retail Pvt. Ltd. Chairman and Managing Director Hemant Agarwal said in a press conference in Lucknow.
The company will invest nearly Rs 45 crore to add 23 new stores in tier-II, tier-III and untapped area’s of tier IV places in Uttar Pradesh. Apart from Uttar Pradesh the group has a plan to open more stores in Bihar. This year the group has a plan to enter in Jharkhand.
At present, V-Bazaar Retail is operating 29 stores in Uttar Pradesh and Bihar. In the financial year 2017-2018, the company had a revenue of Rs 130 crore.
As per its growth strategy, the company would continue to focus Uttar Pradesh, Bihar and enter in new states like Jharkhand, Rajasthan, Gujarat and Uttarakhand in the coming years.
“For growth, as a strategy we are focusing on only tier-II and III places. Soon we would have stores in tier-IV places also. We like to establish V-Bazaar as a fashion retail store with our main focus on the variety, style and pricing of the products, said Hemant Agarwal.
At present, 40 percent of V-Bazaar Retail’s revenue comes from men’s apparel, 25 percent from ladies apparel, 23 percent from kids apparel and 12 percent from general merchandise.
The company offers a portfolio of products, including apparels and non-apparel.
V-Bazaar is one of North India’s largest family stores chains in North India started by Hemant Agarwal. Agarwal started his career by joining the family retail venture in New Delhi and was integral in the running of the company.
Later he entered in the business of manufacturing of garments. About a year ago, when he became the biggest supplier to other retail groups, he decided to try his luck in the retail business and that’s how V-Bazaar took off.
V-Bazaar currently operates 29 stores in Uttar Pradesh and in Bihar covering more than 2,32,000 sq ft retail space. The retail format is offering more than 60 thousand products to choose from across men’s, women and kids apparel.
The group believes in good old traditional values, yet a contemporary outlook, fun, laughter, tons of shopping and enjoyable times for the entire family.