Provogue on 300 crore expansion spree

John Abraham with Priyanka Chopra modelling for ProvogueProvogue India Ltd has chalked out Rs 300 crore expansion for the current fiscal. Currently the company operates 116 stores in 61 cities and is growing at CAGR of 50%.

The company plans to add 3 Promart Discount Stores by March-08. It currently runs a 40,000 sft Promart discount retail store in Ahmadabad which houses around 78 brands including Madura Garments, Levi’s and Arrow.

Provogue is looking for JV partners with international retailers similar to its tie up with Liberty International for its real estate business, Prozone. Provogue has 75% stake in Prozone, the Mall and commercial Retail realty company. New malls promoted by the company are coming up in Jaipur, Indore, Nagpur and Aurangabad.

The capex for Prozone over the next 2 years is estimated at Rs 1,300 crore, of which Rs 450 crore will come from equity and the rest from debt. Seventy five percento f the Rs 450 crore will be finance by Provogue India Ltd and the rest by Liberty International Ltd.