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Garment Mantra Lifestyle opens new retail store in Raipur, Chhattisgarh; Stock gains over 2%

Company estimates further investment approx. Rs100cr to reach the target of 100 stores at PAN India Level.

January 10, 2022 11:10 IST | India Infoline News Service
Stock Market Trader, Stock Trader, Trading
Garment Mantra Lifestyle Ltd (Erstwhile Junction Fabrics & Apparels Ltd) has announced that GMLL has commenced operations of its integrated model in Raipur, Chhattisgarh covering a radius of around 300 kms. It will efficiently cover the central region and scale up the operations of Poorti (textile wholesale surplus division) and also give an impetus to Price Mantra (apparel convenience store) which will strengthen their brand visibility in the region.

Company estimates further investment approx. Rs100cr to reach the target of 100 stores at PAN India Level and that will source by internal accruals, debt funding and/or bringing in the strategic investors into the Company.

GMLL has opened its integrated model in Raipur to cover the 300 kms belt in Chhattisgarh, Orrisa and M.P. It will cater to the Poorti “The Wholesale Hub’, Garment Mantra with in-house brands and Flavor of Price Mantra B2C stores to spread the franchises in the peripheral of Raipur.

GMLL has a strategic partner with a very prominent textile business house having strong experience and presence in Chhattisgarh from past 3 decades. GMLL has definite plans to create Tirupur like models in selective clusters of India, GMLL will be serving the customers with a lower turnaround time at the very same price in their respective clusters.

Commenting on the Milestone, Prem Aggarwal, Chairman & Managing Director, Garment Mantra Lifestyle said, “We are happy to announce the launch of integrated model in Raipur, Chhattisgarh. It’s our 14th Location from where we will operate the “Price Mantra”, this will help us to reach our target to 100 stores at Pan India Level. We will require investment of approx. Rs100cr to reach the desired target and the planned investment we will rope in the Company through internal accruals, debt funding and try to bring strategic investors in the company by issuing equity or other instruments.

Coming up on this new Store, we are working on our endeavor to engage more partners from the central Indian region, with optimized and economical fulfillment solutions. This new location will improve the region's access to inventory and enhance the services we offer customers.

We firmly believe that this facility will be one of the most important milestones in the business history as we see ourselves expanding our operational footprints beyond Tirupur, Tamil Nadu, we envisage that we promote and uplift the business experience with all our business engagement partners and customers. GMLL performed market research and survey and it turned out positive to kick off the facility at Raipur Location, upcoming summer months from Mid-February till July end is the most ideal period to make a mark.

Our loud responsible vision is to ramp up a very large number of Price Mantra Store model in the coming 2 to 3 years across tier 2 and 3 towns of India and this is our first large remarkable initiative in this exercise.”

At around 11:10 AM, Garment Mantra was trading at Rs209.75 per piece higher by 2.27% on the BSE.

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