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Garment Mantra Lifestyle chalks out expansion plan for its Retail venture - 'Price Mantra'

Posted On: 2021-01-11 11:25:21 (Time Zone: IST)

Garment Mantra Lifestyle Ltd (Erstwhile Junction Fabrics & Apparels Ltd) would like to update its esteemed stakeholders about its expansion plan of opening new stores for Twenty Twenty Trading LLP "Price Mantra" - which operates unique and niche retail model for mass Indian population.

With the vision to meet the brand aspirations of every Indian, Garment Mantra has opened up 'Price Mantra (a unique and niche branded retail model)' stores in different cities. Till the date the Company has successfully started running 7 Price Mantra stores; 5 in Tirupur, 1 in Coimbatore and 1 in Delhi. For this, Garment Mantra has implemented two models, one is own stores and another one is through Franchisee model. The company is planning to open about 110 new stores in the coming year. The Company intend to become a Pan India player by opening stores in various cities across the country.

Commenting on the same, Mr. Prem Aggarwal, Chairman & Managing Director, "We at Garment Mantra are delighted to update our stakeholders about this strategic plan for our Value Retailing arm - Twenty Twenty Trading LLP "Price Mantra". We have already opened 7 stores and we endeavor to become a Pan India player by opening 110 stores in near future to expand our market reach and fulfilling brand aspiration of every Indian. We have already increased our product basket by adding new products like Electronics, Fashion accessories, Home appliances that will enhance our reach and penetration into a customer's wallet. Apart from this, we are working on other model such as Exhibition cum sale across India where customers will be able to get branded products at highly competitive prices, which is the USP of 'Price Mantra'. With the restructuring of the Group structures, we are confident to derive substantial benefits from the recent acquisitions and marked improved performance going forward."

Shares of Junction Fabrics and Apparels Ltd was last trading in BSE at Rs.71.5 as compared to the previous close of Rs. 72.7. The total number of shares traded during the day was 19803 in over 33 trades.

The stock hit an intraday high of Rs. 73 and intraday low of 68. The net turnover during the day was Rs. 1406929.

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