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Discount retailer Promart eyes Rs 4.5bn turnover by 2013

22
Jun '12
Mr. Punit Agarwal
Promart Retail India, a discount retail chain and value format concept providing discounts to consumers 365 days in a year, has set a sales target of Rs. 4.5 billion for next year and is currently in the process of increasing its store network across India through the franchisee route.
 
Speaking to fibre2fashion, Mr. Punit Agarwal, CEO of Promart, said, “Promart’s vision is to take fashion to cities where it is not accessible. We want to be accessible and available to people living in smaller cities, especially the Tier II- Tier VI markets, and bring in a new dimension to fashion, focusing on the latest fashion trends.”
 
“We plan to increase our store count in Tier II to Tier VI cities by expanding through the franchisee model. As of now, we have already signed 50 franchisees across India, including in key states like Maharashtra, Himachal, Punjab, Jammu and Kashmir, Haryana and Rajasthan,” he reveals.
 
“We plan to open franchisee-operated Promart outlets pan India and have received expressions of interest from 200 franchisees to open stores,” he adds.
 
Promart does not follow a revenue sharing model for its franchisees, but ensures healthy return on investments and attractive margins, apart from offering a percentage of discounts to its end customers.
 
Apprising about the company’s growth targets, Mr. Agarwal says, “We are expecting a healthy growth rate of 33 percent from the franchisee strategy. We are expecting a turnover of Rs. 2 billion only from the franchisee model and an overall turnover of Rs. 4.5 billion through company-owned and franchised outlets by 2013.”
 
Promart currently has seven company owned stores in Ahmedabad, two in Vadodara, Rajkot, Vapi and Aurangabad and one store-in-store (SIS) in Mumbai. The company is also planning to soon open nine more outlets.
 
Promart stores offer apparel products of anchor brands like Levis, Pepe, Wrangler, Spykar, Arrow, Lee, Gini & Jony, Black Panther, J. Hampstead, 109°F, Sepia, Mufti, Puma and many more under one roof.
 
The stores also sell some in-house brands. “Tramorp is a line of formal wear shirts and trousers for men. Profussion is a collection of Indo-Western outfits and ensembles for the modern women. Protees is a range of casual wear for the fashion-conscious men and women,” informs Mr. Agarwal. 
 

Fibre2fashion News Desk - India


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