V-Mart will hire 2,000 people; invest Rs 115 cr for 60 new stores, back-end support in fiscal year 20
New Delhi, September 1 () Fashion and lifestyle products retailer V-Mart Retail would hire 2,000 people and invest Rs 115 Rs this fiscal year to expand its presence, said a senior company official.
The retailer, which operates primarily in Tier II and III cities, plans to add about 60 stores this fiscal year, bringing its total count to 275.
The company also expects the contribution of its private brands to increase to about 75 percent of total sales, from the current 70 percent.
We plan to add 60 stores this year (fiscal) in our network, bringing the total count to 275, said Lalit Agarwal, president and CEO of V-Mart Retail.
We would hire around 2,000 people this fiscal year to improve our support and workforce, he said, adding that the company currently has 7,000 employees.
In 2018-19, V-Mart Retail Ltd had published an income of Rs 1,433.75 crore.
V-Mart has already opened 20 new stores this fiscal year and now operates 233 outlets.
The company plans to open new stores in Bihar, Jharkhand, West Bengal, Odisha and the northeastern states, as well as markets such as Madhya Pradesh and Rajasthan.
We would invest around Rs 1.5 million per store (on average) and also invest around Rs 25 million in warehouses and staff training, etc., he said. The investment would come mainly from internal accumulations and some of the debts of financial institutions.
Agarwal said that 75 percent of V-Mart stores are located in only four states: Uttar Pradesh, Uttarakhand, Jharkhand and Bihar.
Consumption levels are much higher in the markets in which we operate. These markets are unattended. We will continue to deepen and focus on the cities of level II, III and IV as we expand and also continue to add new states. he added.
The company is also working on an omnichannel retail strategy integrating offline stores with its online e-commerce portal.
We have put it to the test in some of the stores and we would soon implement it in India at the end of this fiscal year, he added.
V-Mart, which opened its first store in 2004 in Ahmedabad, Gujarat, now has a presence in 18 states. Last month, V-Mart Retail had opened three new stores in Nagaland, Jharkhand and Rajasthan. KRH ABM ABM