V-Bazaar, the fashion and apparel retailer in value segment, is aiming to increase its revenue by threefold at Rs. 750 crore by 2021 on the back of sales network expansion.
This was confirmed by the fashion retailer in a statement.
V-Bazaar has presence in Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh and is planning on expanding the retail presence in new states like Odisha, Delhi-NCR, Uttarakhand and Assam.
Confirming on expansion, Hemant Agarwal, V-Bazaar Retail Chairman and Managing Director, said, “We would add around 60-65 more stores by 2021 and take our stores count to nearly 120 by the end of FY 2020-2021.”
V-Bazaar has registered a revenue of Rs. 220 crore in FY 2018-19.
The expansion drive would be funded majorly through its internal accruals and also fund infusion from the promoters, the statement confirmed.
“For growth, as a strategy we are focusing on only tier-2 and -3 regions. Soon we would have stores in tier-4 towns also,” added Hemant.
As per management, a new store has an investment of nearly Rs. 1.75 to 2 crore. At present, 40 per cent of the V-Bazaar retail revenue comes from men’s apparel, 23 per cent from ladies apparel, 25 per cent from kids apparel and 12 per cent from general merchandise.