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Indian retailer Promart launches two outlets
09 Feb '12
2 min read
Promart Retail India Pvt. Ltd., India's multi-brand lifestyle retail chain, has opened two stores in Vadodara city of western State of Gujarat.
This has increased the number of Promart stores in the State to three, as the retailer had launched its first retail outlet in Ahmedabad, in November last year.
Promart stores offer an entire range of home furnishings, bed linen, and apparels and accessories for men, women and kids in all age groups.
Promart was launched by Provogue India in 2007, but it ran into crisis due to high overhead costs and stockpiling of inventories, following the 2008 global financial crisis.
Last year, Promart was acquired by VEMB Lifestyle Pvt. Ltd. and Apple Group of Companies for Rs. 9 million.
Over the next six months, the company plans to open outlets in several towns of Gujarat including Rajkot, Bhavnagar, Mehsana, Surat and Jamnagar.
During the current fiscal, the retailer plans to open 15 stores and plans to open 100 more stores in next fiscal 2012-13.
The firm would invest Rs. 1.5 billion for opening new stores and strengthening its infrastructure, Ashish Garg, Managing Director of Promart said.
Punit Agarwal, CEO of Promart, said, the stores will offer discounts on all 365 days a year and the percentage of discounts would increase as the stocks are shifted from Tier II to Tier III, IV and V towns.
This has increased the number of Promart stores in the State to three, as the retailer had launched its first retail outlet in Ahmedabad, in November last year.
Promart stores offer an entire range of home furnishings, bed linen, and apparels and accessories for men, women and kids in all age groups.
Promart was launched by Provogue India in 2007, but it ran into crisis due to high overhead costs and stockpiling of inventories, following the 2008 global financial crisis.
Last year, Promart was acquired by VEMB Lifestyle Pvt. Ltd. and Apple Group of Companies for Rs. 9 million.
Over the next six months, the company plans to open outlets in several towns of Gujarat including Rajkot, Bhavnagar, Mehsana, Surat and Jamnagar.
During the current fiscal, the retailer plans to open 15 stores and plans to open 100 more stores in next fiscal 2012-13.
The firm would invest Rs. 1.5 billion for opening new stores and strengthening its infrastructure, Ashish Garg, Managing Director of Promart said.
Punit Agarwal, CEO of Promart, said, the stores will offer discounts on all 365 days a year and the percentage of discounts would increase as the stocks are shifted from Tier II to Tier III, IV and V towns.
Fibre2fashion News Desk - India
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