History

_x000D_ V-Mart Retail Ltd is engaged in the business of 'Value Retailing' departmental stores offering apparel, non-apparel merchandise and kirana, catering to the entire family. V-Mart is one of the pioneers in terms of setting up stores across Tier-II and Tier-III cities in India, with a 'value retail' chain._x000D_ _x000D_ V-Mart Retail Ltd was originally incorporated with the name Varin Commercial Private Limited on July 24, 2002, in West Bengal. In October 2003, the company opened its first store, ' V-Mart' in Ahmedabad, Gujarat. The company went public on February 20, 2013. _x000D_ _x000D_ In 2014, the company implemented a space policy at the stores whereby space was allocated to the line of business, which had a propensity to generate better returns on the space allocated. The company continued consolidating its back-end and front-end processes this year by taking various initiatives. The 3 core focus areas for the company at this point of time, were supply chain management, capability building and investment in infrastructure. _x000D_ _x000D_ In 2015, the company transitioned to a new warehouse and corporate office. In 2019, V-Mart added 3 new states to its list of states where they had a presence, i.e. Assam, Meghalaya, and Himachal Pradesh. This led to its expansion to 17 states. _x000D_ _x000D_ In FY 2022, the company started a marketing campaign, i.e. 'fashion ka pyar, har tyohar' to bind all its festival-related marketing activities. It launched a digital video film titled 'Break Free Live free', to celebrate fashion. This campaign was clubbed with Summer, Holi and Eid festivals. It initiated an upgrade of the company's communication standards. It moved from a Limbo photoshoot style to a proper outdoor shoot with aspirational imagery to connect with youth. In 2022-23, the company opened 59 new stores. Over the years, V-Mart has been trying to expand wider and deeper into the country._x000D_

Business Segments

_x000D_ The company operates in the following business segments:_x000D_

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1. Trading of Fashion Retail - This segment can be further divided into the following sub-segments._x000D_
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   1. Apparel - The company sells apparel with an average price of ₹410. This segment brought in 79% of the revenue in FY 2023. 
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   2. Non-Apparel - Non-apparel categories include footwear, fashion accessories, toys and games, and home and lifestyle products. This segment brought in 11% of the revenue in FY 2023.
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2. Retail Trading of FMCG - Titled ‘Kirana Bazaar’, this segment specialises in food, non-food, and staple items. This segment also brought in 10% of the total revenue in FY 2023.
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_x000D_ Subsidiaries_x000D_ _x000D_ The company does not have any subsidiaries._x000D_

Key Personnel

_x000D_ Mr Lalit Agrawal, Managing Director_x000D_ _x000D_ Mr Lalit Agarwal is a retail entrepreneur who founded V-Mart in 2002, pioneering the concept of organised value retailing focusing on affordable fashion in Tier II, III, and IV Indian cities. As a leading industry voice, Lalit is also the Chairman of the Retailers Association of India (RAI) for the Northern Region._x000D_

Corporate Actions

_x000D_ The company has not had any major corporate actions in recent years._x000D_ _x000D_ Mergers and Acquisitions_x000D_

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•  It acquired LimeRoad, a digital marketplace specialising in fashion and lifestyle products, effective October 17, 2022.
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• In 2022, the company acquired 74 stores and 1 warehouse from Arvind Lifestyle Brands Ltd.
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