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Megamart targeting Rs 430 crore turnover by fiscal end

Megamart targeting Rs 430 crore turnover by fiscal end
PTI
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First Published: Tue, Mar 15 2011. 02 02 PM IST
Updated: Tue, Mar 15 2011. 02 02 PM IST
Tiruchirappalli: Megamart, a pioneer in value retail and the retail arm of integrated textile and apparel manufacturer Arvind Ltd, is expecting to clock a turnover of Rs 430 crore by the end of the current fiscal.
“We have achieved 50 % year-on-year growth. In 2009-10, the company registered a turnover of Rs 260 crore.We are hopeful of surpassing Rs 1,000 crore by 2013,” said S Satish Bhat, VP(retail operations), Arvind Retail Ltd, on the sidelines of the inauguration of a 20,000 sq ft Megamart showroom.
The other Mega showrooms are in Pune, Thane, Bangalore and Chennai. By 15 April this year, another mega sized store would be opened in Pune, he said.
Currently, the company’s focus is to expand in the South and strengthen presence in the Western region. In Tamil Nadu, there are 49 outlets, including a recently opened store at Karaikal. Another 12 outlets will be opened before the end of this fiscal. New stores will be opened in Pune, Nagpur and Mumbai and three more in Tamil Nadu, he said.
Seventy per cent of the brands sold are external brands and 30% are their own, Arvind Ltd. Very soon, the market mix will be altered to 60:40, he said.
Future plans include strengthening its portfolio in the children’s wear and non-apparel segments like cosmetics, hand bags, fashion jewellery and home textiles.
Arvind Ltd had signed a collaborative pact with Mosimo, a US-based youth apparel manufacturing brand, under which a new range of products would be launched before August this year, he added.
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First Published: Tue, Mar 15 2011. 02 02 PM IST