More Group to invest Rs 3.7 bn for retail foray
More Group, a Kolkata-based Rs 10 billion textile processing firm, is going to add Rs 3.5-3.7 billion in the retail chain under the brand "SNV Shoppee" by FY 2023.
More Group, a Kolkata-based Rs 10 billion
textile processing firm, is going to add Rs 3.5-3.7 billion in the retail chain
under the brand “SNV Shoppee” by FY 2023.
The company already has 75 retail shops in
the country and is planning to expand by adding 100 more shops by the next
fiscal year. According to Varun More, Managing Director, Sanvie Retail, the
previous plan of the company was to open 50-75 stores but now many private
equity funds have shown their interest to invest in the retail chain. So the company
has revisited its plans to come up with 100 more stores across the country by
FY23. He also said that the company will invest around Rs 1.5 billion and
another Rs 2-2.5 billion for phase II expansion.
According to Alok More, Chairman, The USP
of the chain will be quality but affordability. The company is going to use its
experience in the backward integration capability in textile processing to manufacturing to keep the
prices competitive as compared to other leading retail chains.
Source â€“ Outlook