Provogue sells retail chain business to VEMB Lifestyle and Apple Group of Companies

Provogue India sells its retail chain business to VEMB Lifestyle Pvt. Ltd. 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.

The store will offer an extensive range of apparel, accessories, bed linen, home furnishings, kids toys and electronics targeting men, women and kids of all age groups. The store will be a one-stop shop for the aspiring and the new age consumer. Some of the brands that the generation "Y' can avail of at the best deals are Pepe, Wrangler, Gini and Jony, Mufti, Arrow, and many others under one roof. Spread across an area of 5000-12,000 sq ft, the Promart stores will provides a great shopping experience to consumers. The unique selling proposition will be that consumers will get a chance to buy the best brands at affordable prices and Promart will follow a cash buy-in format enabling long-term sustainability. The price range that the products will be available are from Rs. 89/- to Rs. 1599/- and consumers can now enjoy a discount of upto 60% on the products purchased.

Punit Agarwal, CEO, 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 CFO, 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 today at the hands of bollywood diva Kangna Ranaut. Promart plans to expand operations in Surat, Baroda, Rajkot, Bhavnagar, Jamnagar and Mehsana in the next six months as part of their overall growth strategy.