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Indian retailer V-Mart to open 32 department stores by 2014 end

Published 21 February 2013

Indian department store chain V-Mart plans to launch 32 new outlets in the country by the end of 2014 to expand its retail footprint in the home market.

The company stated that it is looking to increase its store count of 94 over the next two years.

V-Mart also added that seven of the proposed stores are planned for March 2013.

V-Mart managing director Lalit Agarwal told MoneyControl that the company is targeting 40% growth in top-line besides two-fold increase in its bottom-line.

"Our return on networth was around 26-27 percent pre-initial public offering (IPO) capital and around 18 percent post capital infusion.

"We will use the IPO proceeds to open 60 new stores in next two and half years," revealed Agarwal.