India-based fashion retail company V-Mart Retail mulls to invest Rs. 300 crore in a bid to expand its physical presence in the country by 2023.
The move aims to capitalise on the increasing trend of Indian consumers to buy more fashionable products. Of the total, V-Mart will first inject nearly Rs. 100 crore in the current fiscal. The investment will to not only open new stores but also to develop a warehousing facility in Uttar Pradesh.
Gurgaon is presently the centre that provides warehousing facilities to all V-Mart stores.
Currently, V-Mart runs around 182+ stores in 14 Indian states. The plan is to have 200 new stores. Recently, it opened a store in West Bengal.
Surprisingly, 75 percent of V-Mart’s stores are present in just four states: Uttar Pradesh, Uttarakhand, Jharkhand and Bihar.
On the digital front, the retailer aims to fetch Rs. 3,500 crore by the year 2023. At present, its online revenue stands at around Rs. 1,220 crore.
