V-Mart Retail Ltd. (V-Mart) recently signed definitive agreements to acquire all of the existing running stores of ‘Unlimited’ from Arvind Lifestyle Brands Ltd (ALBL), a wholly-owned subsidiary of Arvind Fashions Ltd (AFL) for cash consideration. As part of the transaction, V-Mart is to acquire the assets of all stores, warehouse, inventory as well as the store brand ‘Unlimited’ at their book value, with an estimated outlay of about ₹150 Cr at closing, and certain contingent payments based on certain milestones achieved in these stores over next few years, post the acquisition.
Through this development, V-Mart will be debuting in South India and helping customers meet their fashion aspirations through its vast array of quality products at affordable prices. The move also fits well with V-Mart’s cluster-based expansion strategy and dramatically shortens the time span required for geographical expansion of this scale in a new big market.
In this exclusive interaction with IMAGES Retail, Lalit Agarwal, Chairman & Managing Director of V-Mart Retail Ltd talks about the recovery from pandemic losses and the future of Omnichannel retail. Excerpts:
As we are in an unpredictable landscape, how should retailers prepare to overcome the destruction caused by the pandemic? Your views.
This has certainly been the most challenging times that we all have gone through, and we also got an opportunity to check our system, efficiency, and ability on bringing change management to handle the disruption. The entire period has imparted a lot of learning and as a result we have seen new agility and processes coming. It was a strong comeback looking at the first quarter results, and the period was actually rising during the second quarter. Then the larger part of the year was mostly taken over by the market conditions, which were not in our control. The team did a great job in collaborating and working in whichever environment provided.
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