Detailing a two-year target, V2 retail has chalked out an expansion plan that includes increasing their revenue to US $ 328 million and launching 250 physical stores across India.
The brand aims to enhance customer experience and expand its product offerings to capture the market share from both unorganized retailers and competitors.
Director of V2 retail, Akash Agarwal has told Business Standard that even amid heightened market challenges, the company has witnessed exceptional growth. In the previous year, V2 made 31 per cent same-store sales growth (SSSG), which is substantially higher than the industry average of 5-9 per cent, he added.
The report also stated that the company is expecting to reach a revenue of US $ 211 million in the current financial year compared to the revenue of US $ 134 million in the previous financial year.
This success is attributed to a strategic shift in focus. V2 Retail has discontinued its entry-level price points, increasing its average selling price to Rs. 300-350 (US $ 3.52- US $ 4.1). The company has also invested heavily in product development and store redesigns, upgrading the overall customer experience.
The company has also determined entering into the e-commerce space and is expected to launch its own exclusive website soon. V2 Retail is poised for further expansion, with revenue growth strategies, increasing retail footprint and launching its e-commerce platform. The company also aims to prioritize a robust and customer-centric online experience.
