More Group to foray into retail by FY23; to invest Rs 370 crore
The USP of the chain would be quality but affordability, which would keep prices much more competitive as compared to established retail chains.
More Group will be investing Rs 350-370 crore by FY 23 in retail space under the brand name SNV Shoppee, across the country, an official from the company said on Tuesday. The Rs 1,000 crore textile processing company, based out of Kolkata presently has 75 retail shops in several states across the country and is planning to include another 100 within the next fiscal. Out of that 10 will be launched by March next year, reported by PTI. The retail arm of the More Group that owns SNV Shoppee is Sanvie.
It also added that the company had planned to open 50-75 stores on its own. However, a number of private equity investors have shown interest in investing in the retail chain. It is also planning to open another 100 stores across the country by FY23, for which an additional Rs 200-225 crore would be required. At present they are investing nearly Rs 150 crore.
Quality but affordability-USP of the retail chain
Group chairman Alok More said that the USP of the chain would be quality but affordability, which would keep prices much more competitive as compared to established retail chains. The company is looking to make the stores into a family shopping destination.