V2 Retail aims for Rs 2,800 crore revenue; 250 stores in two years

Delhi-based consumer retail brand V2 Retail is focusing on enhancing customer experience and expanding product ranges to drive long-term growth.

 

“Last year we saw same-store sales growth (SSSG) of 31 per cent, much higher than the industry average of 5-9 per cent. We aim to increase our revenue to Rs 2,800 crore with a network of 250 stores from the current 158 in the next two years,” Akash Agarwal, the whole-time director at the company, told Business Standard.

 

The company is set to close FY24 with a revenue of Rs 1,800 crore up from Rs 1,150 crore in FY24.

 

 

Agarwal said the company has bucked the ongoing industry-wide demand pressure as consumers continue to shift from the unorganised value segment to the organized segment.

 

“So even if there is not an increase in the total number of customers coming into the market, we are taking away share from the unorganised retailers. Additionally, we are also taking away sales from our competitors because we have completely reinvented ourselves in the last four years,” he said.

 

The bulk of the investment for this reinvention has gone into product development, which has also led to the shutting down of the entry price point and an increase in the company’s average selling price to Rs 300-350.

 

“We have also given a mandate to redesign our stores to upgrade the façade, lighting, and visual merchandising, which we’ll roll out in the next six months,” he added.

 

The company, meanwhile, has also pushed the launch of its website to the last quarter of this financial year or the first quarter of the coming financial year.

 

“We don’t want to burn any cash and just want to build it as an extra channel for our existing customer base. We want to make the technology full-proof before launching it. So, while we had planned to launch it by December, it should start from March 2025, or the first quarter of FY26,” he added.