More Group to pump in Rs 370 crore in retail foray by FY23

Kolkata-based Rs 1,000 crore textile processing firm More Group will pump in Rs 350-370 crore by FY23 in retail chain footprint across the country under the brand "SNV Shoppee", an official said on Tuesday.

The company has 75 retail shops in several states in the country and is planning to add another 100 within the next fiscal and of them 10 will come up by March next year.

We had earlier planned to open 50-75 stores with our own resources. Now, several PE (private equity) funds have shown interest in investing in the retail chain. We are revising our plans to open another 100 stores across the country by FY23," Sanvie Retail managing director Varun More told PTI.

Sanvie is the retail arm of the More Group that owns SNV Shoppee chain.

We are investing nearly Rs 150 crore and another Rs 200-225 crore will be required for the phase II expansion for 100 stores, he said.

The company wants to make these stores a family shopping destination.

At present, the company has 21 stores in West Bengal, 17 in Uttar Pradesh, 14 in Odisha and 10 stores in Bihar. Outlets are also there in Assam, Jharkhand, Madhya Pradesh, New Delhi and Tripura.

The USP of the chain will be quality but affordability. With decades of backward integration capability in textile processing to manufacturing will help them keep prices much more competitive compared to the leading retail chains, More Group chairman Alok More said.