Provogue to open 20 Pomart stores

Provogue (India) Ltd will be launching at least 20 more Promart stores in the next three years. Promart, a division of Provogue, is a chain of off-price department stores that will offer around 30-35 per cent discount on the last season's merchandise of big brands.

Promart launched its first store in Ahmedabad last week. At the store, the company will be selling around 85 per cent apparel and 15 per cent non-apparel merchandise at the stores. According to Bipin Gunani, CEO, Promart, the company would be investing roughly Rs 6-7 crore per store.

"The size of our first store is 50,000 sq ft and we will be exhibiting around 100-odd brands. But the size of the stores might grow in time to come depending on the number of brands growing in the market. Subsequently, the size of our investment would also grow," said Gunani.

Gunani is expecting an annual sales turnover of around Rs 30 crore initially. "The share of such off-price department stores is just 20 per cent of the total retail market," added Gunani.

Defending the merchandise, Gunani informed that although they would be selling last season's merchandise, they will "not necessarily be late".

For the present fiscal, the company plans to open around five Promart stores of 40,000-50,000 sq ft. Among the 100-odd brands, Gunani informed that Promart would also be exhibiting 5-8 per cent of local brands.