Promart Retail Indian, a discounted retail chain and value format concept, will open 100 outlets by 2013.
The company today signed 50 franchisees for the same.
The stores will come up in tier II and III cities in Maharashtra, Himachal Pradesh, Jammu and Kashmir, Punjab, Haryana and Rajasthan. Promart has its own stores in Ahmedabad, Vadodara, Rajkot, Vapi, Aurangabad and Mumbai.
Mr Ashish Garg, Managing Director, Promart Retail, said: “venturing into smaller towns is in line with our overall business strategy. We plan to launch 100 more outlets in the next year which we have identified as potential retail markets via the franchising route which makes a good business proposition for us.’’
Launched by Provogue India, the chain was taken over by Apple Group of Companies and VEMB Lifestyle Pvt Ltd in 2011.
As part of the takeover, Apple Group and VEMB got control of the brand’s assets and intellectual property.
The franchisee would require an initial investment of Rs 10 lakh with an area of approx 750-1,000 sq ft. The company is targeting a turnover of Rs 200 crore from this model.
The retail chain has over 50 brands such as Levis, Pepe, Wrangler, Spykar, Arrow, Lee, Gini & Jony, Black Panther, J. Hampstead, 109’F, Sepia, Mufti and Puma, and the products range from Rs 49 to 1899.