Visagar Polytex to expand footprint of Vividha stores

Visagar Polytex manufacturer of saris, lehangas and suits also retails its ethnic wear range through a chain of outlets called ‘Vividha’. After opening an outlet in Mumbai, the company is bullish about expanding pan-India over the next three years.

The Mumbai store its first in the metro was the company’s 14th retail outlet in the country, with other stores in Rajasthan, Gujarat, and West Bengal. The company aims to ink partnership with women entrepreneurs through its recently launched franchise model. Eyeing a growth rate of 15-20 percent in today’s tough retail market, Visagar Polytex also plans to unveil bridal and party wear collections under its ‘Vividha’ brand.

Starting with the Northwestern states, the company is looking at increasing its presence across the country. The plan is to open 200 franchise showrooms over the next three years, while also focusing on increasing its wholesale client base to 2,500, from the existing 1,500.

For the quarter ended September 2015, the company reported revenues Rs 22.47 crores, up 11.90 percent against Rs 20.08 crores in the same quarter last year. Its net profit increased 63.88 percent. Computerised machinery installation at its Surat unit is expected to double its current manufacturing capacity. The target is to chanse one billion rupees in sales this financial year.