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V-Mart revenue up 22% to ₹12,224 mn in 2017-18
26
May '18
Courtesy: V-Mart
Courtesy: V-Mart
V-Mart has reported an increase in revenue from operations by 22 per cent to ₹12,224 million for financial year 2017-18. For the fourth quarter of fiscal 2018, the revenue grew by 18 per cent to ₹ 2,974 million. V-Mart has recorded record profits for the year, on the back of continued focus on fashion led growth for aspiring tier 2 and 3 consumers.

The retail market showed good growth which was supported by strong marketing efforts. The company went in for store refurbishments apart from improving the merchandising and technology led supply chain apart from rejuvenating the consumer pull using multiple marketing initiatives. The cumulative effects of these efforts and new product range reflected in the buoyant results, a V-Mart press release said.

The company opened 5 new stores during the quarter out of which 4 were in Uttar Pradesh (UP) and 1 in Bihar, taking the total store count to 171 stores.

"Customers tastes are evolving and we bring in international fashion and cutting edge technology with the support of our Indian partners. We keep on introducing new collections for various occasions like festivals, marriages, seasonal change and other related occasions. Our focus on fashion and comfort has helped us increasing footfall into our stores. We have introduced new incentive policies to motivate our staff at store level," Lalit Agarwal, CMD, V-Mart Retail Ltd. said.

The company has also recently been awarded a skill development project under DDU GKY, a UP government and central government initiative, to impart skills and generate employment opportunities for the youth. As part of the project, the company has been entrusted to select, train and provide employment to 1800 youth over a period of 3 years. The company has already setup a skill development centre in the state of UP to facilitate the same. This will allow the company to source trained manpower for its upcoming expansion plans, the press release added. (RR)

Fibre2Fashion News Desk – India


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