V-Mart to acquire Arvind Fashions 'Unlimited' retail chain

PTIUpdated: Friday, July 23, 2021, 01:35 AM IST
article-image
Unlimited operates a chain of 74 value fashion retail stores across South and West India and retails fashion apparel and accessories for men, women and children at affordable prices. | IndianRetailer.com

Value fashion retailer V-Mart Retail Ltd on Thursday announced the acquisition of the 'Unlimited' retail chain from Arvind Fashions Ltd (AFL).

V-Mart Retail has signed definitive agreements to acquire all of the existing running stores of 'Unlimited' from Arvind Lifestyle Brands Ltd (ALBL), a wholly-owned subsidiary of AFL, a joint statement said.

"This acquisition enables V-Mart to establish a quick and wide footprint in southern and western India, thus debuting its presence in these untapped markets," the statement said.

Unlimited operates a chain of 74 value fashion retail stores across South and West India and retails fashion apparel and accessories for men, women and children at affordable prices.

"As part of the transaction, V-Mart will 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 Rs 150 Cr at closing, and certain contingent payments based on certain milestones achieved in these stores over next few years, post the acquisition," it said.

Through this deal, V-Mart will be debuting in South India.

Commenting on the development, V-Mart Retail Chairman & Managing Director Lalit Agarwal said, "With this acquisition, we will have another 74 stores in our portfolio for catering to the fashion needs of families in the southern and western markets of India. At V-Mart we have been opening around 50 stores every year, and look forward to maintaining this growth trajectory in the times to come."

AFL CEO Shailesh Chaturvedi said, "This would help us put capital behind growing our six focus brands, helping generate significant shareholder value." Founded in 2002, V-Mart primarily focuses on Tier II and Ill cities.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

From side hustles to refined investments, strategies to ride out the recession

From side hustles to refined investments, strategies to ride out the recession

IFAT trade fair in Mumbai puts spotlight on tech for waste management and water

IFAT trade fair in Mumbai puts spotlight on tech for waste management and water

Electronics Mart India powers up its expansion with IPO, sets price band at Rs 56-59/share

Electronics Mart India powers up its expansion with IPO, sets price band at Rs 56-59/share

Wipro named best place to work for women, days after firing 300 employees for moonlighting

Wipro named best place to work for women, days after firing 300 employees for moonlighting

Mumbai: New survey says demand for 3BHKs is more than 2BHKs

Mumbai: New survey says demand for 3BHKs is more than 2BHKs