Fashion and apparels retailer V2 Retail is aiming at a 50 per cent jump in its turnover to Rs 450 crore in the next one year on the back of network expansion.
The company is aiming to nearly double its sales network to 40 stores from the current 21 as part of its expansion strategy.
"We would add around 20 stores in the next one year and take our store count to 40 by the end of FY 2016-17," V2 Retail Chairman and Managing Director R C Agarwal told PTI.
The company will invest between Rs 35-40 crore to add 20 new stores in tier-II and tier-III places of Bihar, Jharkhand, Uttar Pradesh and Uttarakhand.
He further added: "The company would be investing around Rs 1.5-2 crore in opening one new store and the investment would be through internal accruals."
At present, V2 Retail is operating 21 stores.
In Financial year 2014-15, the company had a revenue of Rs 286.77 crore.
As per its growth strategy, the company would continue to focus on east, north-eastern states besides Uttar Pradesh and Uttarakhand.
"For growth, as a strategy we are focusing on only tier-II and III places. Soon we would have stores at place in tier-III places such as Siwan, Begusarai, Bihar Sharif, etc," said Agarwal, erstwhile promoters of Vishal Megamart.
Besides this, the company is also expanding its in-house brands and labels to cater the market.
"We would expand those brands. We are creating an in-house designing house to have more variety in offerings," Agarwal said.
V2 Retail has private labels including Herrlich, Godspeed, Stylla and Zavinci.
Recently, the company has added four stores at Gorakhpur and Azamgarh in UP and Purnia and Chapra in Bihar.
At present, 50 per cent of the V2 Retail's revenue comes from mens apparel, 25 per cent from ladies apparel and rest 25 per cent from kids apparel.
The company offers a portfolio of products, including apparels and non-apparel.
