V-Mart Retail Ltd

V-Mart Retail Ltd retails readymade garments, accessories, etc. and is engaged in the business of 'Value Retailing' through the chain of stores situated at various cities in India. The company operates its retail stores under the V-Mart brand. V-Mart is one of the pioneers in setting up stores across various small Indian towns and cities including Sultanpur, Ujjain, Motihari. The company primarily operates in Tier-II and Tier-III cities, with a chain of 'value retail' departmental stores offering apparels, general merchandise and kirana, catering to the entire family. The company has established stores in Metro, Tier-I, Tier-II and Tier-III cities which are primarily located as standalone stores in high-street areas and shopping hubs of such cities. The average size of the store is approximately 8,000 Sq. Ft. It follows the concept of value retailing' to target the strata of the population belonging to the expanding aspiring class' and middle class' based on customer's socio-economic conditions, purchasing power, demographic details and customer trends. V-Mart Retail Ltd was originally incorporated as Varin Commercial Private Limited on 24th July 2002, in West Bengal. In October 2003, the company opened it's first store by the name of 'V-Mart' at Ahmedabad, Gujarat, and currently own and operate 62 stores spread across 53 cities and 10 states and union territories, with a total area of 5.06 lac Sq. Ft. Its stores are located in New Delhi, Gujarat, Uttar Pradesh, Bihar, Punjab, Chandigarh, Haryana, Jammu and Kashmir, Rajasthan and Madhya Pradesh. The name of the company was subsequently changed to V-Mart Retail Private Limited on 11th July 2006. Its name was further changed to V-Mart Retail Limited upon conversion into a public limited company on 11th July, 2008.In February 2013; the company successfully concluded the pubic issue of equity shares aggregating to Rs. 36,435 million. The initial public offer of the company was subscribed 1.19 times. While the qualified institutional buyers' portion in the offer was subscribed 1.52 times, the non-institutional investors and retail investors segments were subscribed 1.39 and 0.79 times, respectively. During the financial year ended 31 March 2014, the company opened 23 new stores under the brand V-Mart spread over an area of 712,256 sq ft. During the year 3 stores were closed due to lower footfall, poor sales and nonprofit making. During the year under review, the company implemented a space policy at the stores with an objective of allocating space to the line of biz which has the higher propensity to generate better returns on the space allocated. The company continued to strengthen its back-end and front-end processes during the year by taking various initiatives. The three core focus areas for the company were supply chain management, capability building and investment in infrastructure. During the year, the company took on lease premises for a new warehouse. During the year under review the company organised various events so as to be in constant touch with the customers and get a better understanding of their needs. During the financial year ended 31 March 2015, the company opened 19 new stores under the brand V-Mart spread over an area of 1.71 lacs sq. ft. During the year, the company also completed the transition to a new warehouse and corporate office keeping into account the existing and future growth. During the financial year ended 31 March 2016, the company opened 17 new stores under the brand V-Mart spread over an area of 1.48 lacs sq. ft. The company closed two stores during the year. During the financial year ended 31 March 2017, the company continued with its existing approach to endeavor to establish its growth pattern in the Retail Industry with a chain of stores under the 'V-Mart' brand in the north and eastern part of India. During the year, the company opened 20 new stores under the brand V-Mart which were spread over an area of 1.80 lacs sq. ft. The company closed two stores during the year. During the financial year ended 31 March 2018, the company opened 31 new stores under the brand V-Mart, which were spread over an area of 2.4 Lac sq. ft. The Company closed 1 store during the year. During the year under review, the company continued to focus on enhancing the capability of the organisation. During the year, the company ventured into Tier-IV towns for the first time. During the year 2019, the Company 44 new stores and closed one store. With this addition, the cumulative count of the company's stores increased to 214, spread over an area of 18 Lakhs sq. ft. V-Mart added three new states i.e. Assam, Meghalaya, and Himachal Pradesh to expand the footprint to 17 states. Company opened 55 new stores in F.Y. 2019-20 taking the total store count to 266. While the new store additions focused on penetrating deeper and wider in existing clusters, it ventured into two new states, Arunachal Pradesh and Nagaland, both in the North East. The company closed 3 stores during the year. It launched omni channel platform in Oct, 2019 and has subsequently expanded it across its store network. In FY 2020-21, Company opened 20 new stores, taking the total store count to 279. The majority of these stores were launched in Uttar Pradesh and Bihar, the Company's two largest markets while Rajasthan, Assam, Madhya Pradesh, and Jharkhand accounted for the rest. During the year 2022, the Company acquired 74 stores and 1 warehouse from Arvind Lifestyle Brands Ltd, a wholly owned subsidiary of Arvind fashions for cash through an Assets transfer Agreement (ATA). During FY 2021-22, Company established a marketing property i.e. 'fashion ka pyar, har tyohar' to bind all its festival. It launched Digital Video film- 'Break Free Live free', to celebrate the unlocked period enabling people to come out, wear fashion and celebrate it. This was clubbed with Summer, Holi and Eid festivals. It initiated upgradation of the communication standards, moved up from Limbo photoshoot style to proper outdoor shoot for AW 21 & SS'22 with aspirational imagery to connect with youth. During the year 2022-23, the Company opened 59 new stores, of which 12 stores were established in the southern region under the brand name of Unlimited. It acquired LimeRoad, a digital marketplace, specializing in fashion and lifestyle products effective on October 17, 2022 through a Business Transfer Agreement (BTA) with A.M. Marketplaces Private Limited (LimeRoad) and certain other parties, as a going concern, on a slump sale basis.