More Group forays into retail sector with investment of Rs. 150 crore
Kolkata/IBNS: Kolkata-based More Group has ventured into the retail sector with an initial investment of Rs. 150 crore.
More Group has forayed into the retail business for apparels with the launch of SNV Shoppee, an organised value retail chain of stores.
SNV Shoppee, functioning under newly-formed company Sanvie Pvt. Ltd, will be coming up with 75 shopping outlets across various states of the country.
At present, there are 21 stores in West Bengal,17 in Uttar Pradesh, 14 in Odisha, five in Assam and 15 more in various parts of the country.
The retail outlets will be offering all products within the price tag of Rs 5,999.
"Currently, we are searching for store locations in proper Kolkata," said Varun More, MD, Sanvie Pvt Ltd, while adding that in West Bengal stores are present in Diamond Harbour Road, Serampore and Purulia.
The MD also disclosed chances of having a store in Howrah soon.
The More Group, which is looking to expand further in tier two and tier three cities, also announced plans for launching seven more stores by the end of the current financial year and 50 more in their next phase.
(Reporting by Nitin Waghela)