Date:08/05/2007 URL: http://www.thehindubusinessline.com/2007/05/08/stories/2007050803920500.htm

Back Provogue opens off-price store

Our Bureau

Ahmedabad, May 7

The Rs 200-crore Provogue (India) Ltd has launched Promart, its first off-price store in the country, and is set to open five more across India in a bid to capture 10 per cent of the $25-billion retail market by 2010.

Mr Akhil Chaturvedi, Director of Provogue, told presspersons this "revolutionary concept in lifestyle retailing" would target the new generation shoppers through something of a "stock-clearance" model by making available domestic and international branded items at affordable prices. The company expects the current financial year to close with an estimated Rs 30-crore sale at the multi-brand store in Ahmedabad. In the non-apparel segment, the store would introduce five to eight per cent of local flavour as well, he said. Mr Bipin Gurnani, CEO, said the store would offer "real brand at real discounts''.