Promart sells retail business

Provogue India has sold its retail business, Promart, to VEMB Lifestyle and Apple Group.

This would let both the companies to expand their footprint in India. Promart is a multi-brand household retail chain and value format brand which offers premium products at discounted rates under one roof. With smaller towns showing great demand for brands, the company plans to expand its retail network by aggressively moving into Tier, II, III, IV towns to capture the market. Promart will offer a wide variety of collection according based on customer’s choice in various regions without compromising on quality yet and keeping the prices affordable.

It is planning to achieve a healthy growth by investing Rs 150 crores in retail expansion by 2012-13. The company would also focus heavily on inventory management to bring down costs and book profits. Promart launched its first store in Ahmedabad recently and plans to expand operations in Surat, Baroda, Rajkot, Bhavnagar, Jamnagar and Mehsana in the next six months as a part of its retail strategy.