Press Esc to close
Tuesday 22 August 2017
News updated at 3:54 AM IST

Promart to add 170 stores; aims at Rs 700 cr turnover by FY'14

New Delhi, Dec 11, 2012 (PTI): 17:42 IST
Multi-brand retail chain Promart today said it will open about 170 showrooms across the country by next fiscal as it targets Rs 700 crore revenue by 2013-14.

The company, which was acquired last year by Apple Group and Vemb Lifestyle from Provogue India, will also invest around Rs 50 crore next year to expand operations, mainly in smaller cities.

"Since we acquired the brand, we are expanding it very aggressively. Our aim is to offer branded fashionable products in smaller cities at an affordable rate. We will have around 200 stores by the end of next fiscal," Promart Retail India Chief Executive Officer Punit Agarwal told PTI here.

The company has 32 outlets, which will be expanded to 100 showrooms by March 2013, he added.

On sales turnover, Agarwal said: "We are expecting Rs 450 crore sales in this fiscal. Our target for 2013-14 is a revenue of Rs 700 crore."
The company had clocked a sales turnover of Rs 70 crore in 2011-12, he added.

When asked about investments for the expansion, Promart Retail India Managing Director Ashish Garg said: "This year we are investing around Rs 100 crore and it will be around Rs 50 crore in 2013."

The company does not have any plans to raise capital from any source and will depend on internal accruals, he added.

Promart Retail India today opened its first showroom in the National Capital.

"We will open most of our stores in very small cities. Our target locations are Tier II cities to Tier VI towns," Agarwal said, adding that the company offers 20-60 per cent discounts throughout the year.

The company sells brands like Adidas, Arrow, Lee Cooper, Lotto, Provogue, Pepe, Puma, Spykar and Wills Classic. It also has three in-house brands -- Tramorp, Profussion and Protees. Its products are available between Rs 49 and Rs 1,899.

Talking about employee strength, Garg said: "When we complete our this phase of expansion drive, we will employ over 1,000 people by 2013-14."

At present, the company employs around 180 people, who are all permanent staff, he added.

Asked if the company will tie up with any multi-national retailer coming into the country after relaxation of FDI in retail, Garg said: "We are open to forming a JV if the offer is a lucrative one. However, that is not a priority and we are not approaching anyone."

Go to Top

Photo Gallery
Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Artists rest at an artisan village in Kolkata on Monday ahead of upcoming Durga Puja...

Artists rest at an artisan village in Kolkata on Monday ahead of upcoming Durga Puja...

Devotees gather to take holy dip at Har ki Paidi on the occasion of Somvati Amavasaya in...

Devotees gather to take holy dip at Har ki Paidi on the occasion of Somvati Amavasaya in...

MD and CEO, Mercedes-Benz India, Roland Folger and AMG driver Christian Hohenadel during the...

MD and CEO, Mercedes-Benz India, Roland Folger and AMG driver Christian Hohenadel during the...

Indian women's cricket team member Veda Krishnamurthy being felicitated by CII Sourthern Region...

Indian women's cricket team member Veda Krishnamurthy being felicitated by CII Sourthern Region...

A view of Salt Lake Stadium, officially known as Vivekananda Yuba Bharati Krirangan being...

A view of Salt Lake Stadium, officially known as Vivekananda Yuba Bharati Krirangan being...

The Golden Temple being decorated with flowers on the eve of the anniversary of the installation...

The Golden Temple being decorated with flowers on the eve of the anniversary of the installation...

Villagers use a makeshift bamboo bridge to cross a flooded locality at Itahar village in...

Villagers use a makeshift bamboo bridge to cross a flooded locality at Itahar village in...

web series Netflix's Sacred Games in...

web series Netflix's Sacred Games in...

A butterfly on a flower at a park in Guwahati on...

A butterfly on a flower at a park in Guwahati on...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.