<dhhead>CHAIRPERSON'S STATEMENT</dhhead>
Towards a Sustainable Future of Retail
Dear Stakeholders,
A couple of years ago, we embarked on a thrilling new journey, fueled
by our burning ambition to claim the coveted title of #1 value fashion omni-retailer of
Bharat. With every heartbeat, we're driven by the relentless pursuit of excellence,
consistently exceeding customer expectations carving our path as the unrivalled choice for
value fashion in these dynamic districts.
Adapting and Advancing
The Indian economy is ablaze with opportunity, growing at 7.6% GDP in
FY24. Fuelled by government initiatives and structural reforms, this surge heralds a
transformative era the ‘Amrit Kaal' where India's economy is set to reach $
30 trillion by 2050. Positioned amidst this fervour, V-Mart is poised to seize the flames
of progress, offering affordable, quality retail options to the burgeoning middle and
lower middle class. As India's economic landscape glows with promise, we are not just
observers; we are torchbearers, ready to lead the charge in organised retail.
Crafting Trendsetting Quality Products
Our product line speaks to the soul of young families and youth,
resonating with their aspirations. Our in-house design team infuse each piece with
creativity and passion, aiming not just to sell clothes, but to spark joy and confidence
in our customers. Our commitment to quality ensures that every item meets our exacting
standards, reinforcing our bond with our discerning audience. It is more than fashion; it
is a connection - a journey of self-expression and empowerment.
Seamless Digital Harmony at V-Mart
We seamlessly blend offline and online experiences to cater to every
customer's needs. Through robust feedback mechanisms such as Net Promoter Score
(NPS), Google Ratings, and digital surveys, we continuously refine our customer-centric
approach. Our strong customer focus is evident in the positive feedback we receive. Our
One-Click Omni strategy ensures every customer voice is heard, enabling us to gather
invaluable insights. This approach harmonises customer willingness to pay with cost
reduction, creating win-win scenarios for all stakeholders. Stay tuned as we continue to
leverage omni-channel strategies to drive our business forward.
Operational Excellence
With unwavering dedication, we are enhancing the customer experience
through continuous improvement initiatives like paperless invoicing and real-time feedback
systems. In nancial today's hyper-competitive market, we've dedicated
significant effort to enhancing our product lines, refining team dynamics, and
implementing strategic initiatives across design, sourcing, fabric development, and supply
chain management.
Customer-centric Innovation
Amidst challenging market conditions, we see obstacles as opportunities
for growth. Despite adverse monsoon and high food inflation in certain regions, we remain
committed to customer-centric innovation. By deeply understanding and anticipating
customer needs, we have introduced new product lines and enhanced our in-store and online
experiences. These initiatives, coupled with the opening of new stores and improvements in
existing store efficiencies, have driven the sales growth. Our ability to adapt and remain
resilient has not only strengthened our brand loyalty but also positioned us ahead of
market trends, ensuring we consistently meet and exceed customer expectations.
Maintaining a Steady Financial Growth
Our strategic focus on enhancing operational efficiency and optimising
our product mix has driven robust revenue growth and improved profitability. By expanding
our footprint in key markets and leveraging data-driven insights, we have successfully
navigated market fluctuations and captured new opportunities. Our prudent cost management
practices and strategic investments in technology have further strengthened our financial
resilience.
Additionally, our commitment to financial transparency and
accountability has reinforced stakeholder trust. As we look to the future, we remain
dedicated to sustaining this momentum anddeliveringconsistent performance, ensuring
long-term value for our shareholders and customers.
Continuing to Drive Innovation through ESG
Our strategy is fuelled by ESG principles, driving us towards
environmental stewardship, social responsibility, and ethical governance. We have made
significant strides in reducing our environmental footprint through initiatives like
installing solar panels, adopting paperless billing, and conserving water. In our
commitment to workplace diversity, we have achieved a 25% gender ratio and supported over
210 differently-abled employees. Strengthened by two new Board members, our governance
enhancements support organisational restructuring and backend improvements, ensuring a
balanced board and reinforcing succession planning. In FY24, our rural development
projects impacted 1,210 lives through skill development and multiple initiatives. We
embedded a robust ESG framework, assigned weightage to ESG factors, implemented an
Integrated Compliance tool, and conducted comprehensive trainings. Together, these efforts
create a sustainable, socially responsible, and well-governed organisation, delivering
value to stakeholders and society while benefitting the environment.
Looking Ahead
In our relentless pursuit of retail excellence, we are driven to
deliver unparalleled value through top-tier products at competitive prices. Our strategic
expansion in South and East
Despite initial challenges, our unwavering commitment to quality
products, seamless omnichannel experiences, and strategic expansion in tier II and tier
III cities has positioned us as a value retailer that stands out in today's fiercely
competitive retail landscape. Our team's dedication fosters lasting connections with
our valued customers.
India unlocks regional opportunities and caters to diverse customer
preferences, particularly resonating with young families seeking sustainable, trendsetting
designs. The inauguration of our new warehouse signifies a pivotal moment, streamlining
our supply chain and propelling growth. Guided by unwavering stakeholder support, we
innovate and expand, staying true to our mission of serving Bharat.
With heartfelt gratitude for your indispensable role, we embark on this
collective journey, committed to fulfilling fashion aspirations nationwide. Together, we
strive to deliver exceptional value and enrich the lives of youth and young families
across Bharat. Thank you.