V2 Retail aims at 50 per cent rise in sales in FY17

V2 Retail, a fashion and apparels retailer, is looking at a 50 per cent jump in turnover to Rs 450 crores in the next one year. This will be possible based on network expansion. It is aiming to double its sales network to 40 stores from the present 21.

The company is looking at investing between Rs 35-40 crores to add 20 stores in Tier II and III cities. The places will include Bihar, Jharkhand, Uttar Pradesh and Uttarakhand. Further, the company would invest Rs 1.5-2 crores in opening one new store and the investment for it will be made through internal accrual.

V2 Retail wants to focus on smaller towns as a process of growth. Apart from Uttar Pradesh and Uttarakhand, the company will continue to focus on the east and north-eastern states. It is looking at having stores in places like Siwan, Begusarai, Bihar Sharif etc. The company is also expanding its inhouse brands and labels to cater to the market. Its private labels are Herrlich, Godspeed, Stylla and Zavinci.

Recently, the company added stores at Gorakhpur and Azamgarh in UP and Purnia and Chapra in Bihar.