Provogue India has sold its retail chain business, Promart, to VEMB Lifestyle and Apple Group of Companies. The two companies have come together to acquire the brand name from Provogue 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.
Punit Agarwal, chief executive officer, Promart Retail India ltd, and a franchisee of German womenswear brand Marc Cain in India, commented, “We have bought the Intellectual property (IP) and assets from Provogue to take the business forward. Since the retail sector looks very promising, we will be targeting the Tier II, Tier III and Tier IV towns where people are becoming more and more fashion conscious. Our aim is to bring a whole new dimension and revolutionize the fashion industry."
“Promart will enhance the shopping experience for people with a wide array of collection that it offers to its customers. The vast variety of offerings that we provide to our customers both in terms of quality and affordable pricing gives us an edge to stand out in the market place," he further added.
Ashish Garg, director and chief financial officer, Promart Retail India Ltd, said, “Our key focus area for the business will be inventory management which will not only bring down our costs drastically but will enable us to achieve healthy profit margins. That said, we plan to achieve a healthy growth trajectory by infusing 150 crore by 2012-13.”
Promart opened its first store in Ahmedabad last week and plans to expand operations in Surat, Baroda, Rajkot, Bhavnagar, Jamnagar and Mehsana in the next six months as part of their overall growth strategy.