In view of the booming e-commerce operations, India’s leading value fashion retailer, V-Mart Retail is now considering to start its e-commerce operations.
The retailer is considering to start apparel retailing and other goods online with an aim to serve young shoppers in the underserved areas. The online foray has notably been announced soon after it revealed its physical expansion plan with an investment of Rs. 300 crores.
The retailer is majorly operating in in four states – Uttar Pradesh, Uttarakhand, Jharkhand and Bihar, and is also present in other Tier II, III and IV cities.
“V-Mart will take the final call on e-commerce strategy and omni-channel model in a year,” Samir Misra, Chief Operating Officer at the company was quoted as saying.
Markedly, V-Mart Retail Limited was recognised as ‘The World’s Best Performing Department Store’ this year on the basis of its stock performance, according to data compiled by Bloomberg, and is aimed to note a threefold increase in its turnover to Rs. 3,500 crores in the next five years.
The retailer reported a more than twofold increase in its net profit to Rs. 15.91 crores and recorded a total revenue of Rs. 1,200+ crores in FY 2017-18. As online shopping has emerged as favourite among young consumers with huge discounts and convenience offered, V-Mart’s decision to tap this segment will further fuel growth for the retailer.
