Megamart, the retail venture of Indias largest integrated textile manufacturer and retailer of leading branded apparel, Arvind Limited has recently launched their 100th store in Karim Nagar in Andhra Pradesh.
With this launch, Megamart has spread their network to over 41 cities. Arvind Limited has pushed itself into an aggressive mode to expand their retail business with a proposed investment of US$100 mn.
Suresh J, CEO, Arvind Brands & Retail said, "Arvind has always been a progressive and growth driven company. We were the pioneers of value retail in India by launching Megamart when India had not even heard of the concept. After 14 successful years and achieving a mega milestone of 100 stores across 41 cities, Arvind has now set eyes on an aggressive expansion plan to establish Megamart as a leader in the apparel and value retail segment in India."
He added, "We plan to establish more than 400 large and small format stores across the country over the next three to four years - out of which 25 to 30 will be the large format Megamart Outlet Centres in the top cities clearly establishing Megamart as a leader in the apparel and value retail segment in India."
Venkatachalapathy, COO, Arvind Brands & Retail said, "For the first time in 14 years, Arvind is shifting from their traditional format of company-owned and company-run (COCR) and are keenly exploring the franchisee route in Tier II and Tier III cities with real estate of 1500-2000 sq. ft. To strengthen their backend operations and to manage the supply chain of goods, Arvind is investing in developing and embracing state-of-the-art IT technology to help their expansion plan to roll out seamlessly."
The company has set itself a target to achieve sales of US$1 billion from its brands and retail business alone, in the next five years and to achieve this turnover, the company is looking to implement new formats and forge new partnerships.