India-based, V2 Retail, formerly known as Vishal Retail has intensified its efforts to get good and profitable locations to establish its stores as it plans to increase its network in the country. The company has already spotted 40 locations to set up its stores.
The retailer is planning to increase its store count from current 47 (according to the company’s official website) to 100 by the end of fiscal 2018-19. This was reportedly disclosed by Akash Agarwal, Director of the company.
The company, mainly present in Tier II and III cities currently, is also eyeing to garner compound annual growth rate of 40 per cent in the next two to three years.
It’s not only store count, the retail firm is also looking to increase revenue contributions from its private label brands from current 15 per cent to 35 per cent. Herrlich, Godspeed, Stylla and Zavinci are major private labels of V2 Retail. Notably, revenues of the company grew at a CAGR of 64 per cent during FY 2012-2017.
In the last fiscal, V2 Retail reported a turnover of Rs. 471 crores. With more than 25+ years of experience, it is one of the fastest growing retail companies in India.
Currently, the company is managing more than 5,20,000 square feet of retail space in India and offers collections for men, women and kids.