Garment Mantra Lifestyle Ltd (Erstwhile Junction Fabrics & Apparels Ltd) announced that GMLL has started operations of its integrated model in Raipur, Chhattisgarh covering a radius of approximately 300 km. It will effectively cover the central region and strengthen the operations of Poorti (wholesale textile surplus division) and also give impetus to Price Mantra (clothing supermarket) which will strengthen the visibility of their brand in the region.
The company estimates an additional investment of approx. Rs100cr to reach the target of 100 stores at PAN India level and which will be supplied through internal regularizations, debt financing and / or the integration of strategic investors into the company.
GMLL opened its integrated model in Raipur to cover the 300 km belt in Chhattisgarh, Orrisa and MP. in the outskirts of Raipur.
GMLL has a strategic partner with a very important textile company having solid experience and a strong presence in Chhattisgarh over the last 3 decades. GMLL has specific plans to build Tirupur-like models in selective clusters in India, GMLL will serve customers with lower turnaround time at the same price in their respective clusters.
Commenting on this milestone, Prem Aggarwal, President and CEO of Garment Mantra Lifestyle, said, âWe are pleased to announce the launch of the integrated model in Raipur, Chhattisgarh. This is our 14th location from which we will operate the âPrice Mantraâ, this will help us achieve our goal of 100 stores at Pan India level. We will need an investment of approx. Rs100cr to achieve the desired goal and planned investment, we will invest in the business through internal accruals, debt financing and try to attract strategic investors into the business by issuing shares or other instruments.
As this new store approaches, we are working on our efforts to engage more partners from the central region of India, with optimized and cost effective fulfillment solutions. This new location will improve the region’s access to inventory and improve the services we provide to customers.
We strongly believe this installation will be one of the most significant milestones in the company’s history as we see ourselves expanding our operational footprints beyond Tirupur, Tamil Nadu, we plan to promote and enhance the ‘business experience with all of our business engagement partners and customers. . GMLL has carried out market research and survey and it has been positive to launch the installation at Raipur Location, the next summer months from mid-February to the end of July are the most ideal time to stand out .
Our strong and responsible vision is to develop a very large number of Price Mantra Store models over the next 2-3 years in Tier 2 and 3 cities of India and this is our first major remarkable initiative in this exercise.
At around 11:10 am, Garment Mantra was trading at Rs 209.75 per coin, up 2.27% on BSE.