Provogue India has sold its Promart retail chain to VEMB Lifestyle Pvt Ltd and Apple group of companies for Rs 90 lakh. Promart is a multi-brand household retail chain and value format brand that offers premium products at discounted rates.
Currently there are two stores under Promart in Indore and Ahmedabad.Mr Punit Agarwal, CEO, Promart Retail India Ltd, said, “We have bought the Intellectual Property and assets from Provogue to take the business forward. Since the retail sector looks promising, we will be targeting the Tier-II, Tier-III and Tier-IV towns where people are becoming more fashion conscious. We would be investing Rs 50 crore to set up 18 stores this year.''