India’s value format retail chain Promart is to roll out 100 more stores in the next 12 months.

Promart, previously a subsidiary of Provogue India and later acquired by VEMB Lifestyles and Apple Group of Companies, currently has just five stores and aims to reach a turnover of Rs 450 crore (about US$100 million) by 2012-2013.

Promart will initiate expansion in towns including Anand, Vapi, Jamnagar, Surat, Rajkot and Bharuch in the next two months. It will extend later to tier II, III and IV cities.

“We have already invested Rs 100 crore as a part of our overall expansion strategy in the current financial year and plan to pump in more equity as we are focussed on opening 100 stores across India,” said Promart MD Ashish Garg.

“We plan to venture into the tier II – VI towns, thus bringing the latest fashion trends to Indians who do not live in urban areas. Having said that, our USP is that we follow a cash and carry format wherein the goods are directly diverted from the company to our stores without the intervention of distributors. This helps us avail the latest merchandise in the market, thus enabling us to achieve better discounts and in turn better profit margins.”

Promart offers an extensive range of apparel, accessories, bed linen, home furnishings, kids toys and electronics targeting men, women and kids of all age groups under brands including Pepe, Wrangler, Gini and Jony, Mufti, Arrow, and others.

“Our unique selling proposition will be that the format would provide a platform for brands to offload their stocks at a discount without diluting their brand image,” said Garg.

GB