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Tag: V-Mart Retail

  • V-Mart Retail appoints Aakash Moondhra as chairman

    V-Mart Retail appoints Aakash Moondhra as chairman

    Mumbai: Retail store chain V-Mart Retail Ltd has announced the appointment of Aakash Moondhra as chairman of the company. The company also announced a strategic change in its leadership structure, with the role of chairman and managing director now being split and Moondhra (independent director) being designated as chairman, while Lalit Agarwal would continue in his role as managing director.

    Moondhra is PayU’s global CFO and continues to remain an independent director on the board of VMart. “I am thankful to the Board for posing the confidence in me and I will try my best to contribute in making VMart an even better organisation than it already is and I look forward to this exciting journey together with the fellow board members,” Moondhra said on his appointment. “The purpose behind this role separation is not merely with related compliance; rather, it is to ensure an even better and balanced governance structure and effective guidance to the management.”

    Founded in 2002, V-Mart is an omnichannel retail store chain offering fashion apparel, footwear, home furnishings, general merchandise, and Kirana. Primarily focusing on tier 2 and 3 cities, V-Mart is present pan-India with 368 stores in 26 states, the company follows the concept of ‘value retailing’ for the affordable fashion of the rapidly-expanding middle class, stated the brand.

    “The appointment of Aakash as the chairman will herald a new era of corporate governance in the company,” said Lalit Agarwal. “Aakash has been a torchbearer of ethics and governance and this indeed is a big change for a so far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture.”

    “In the long run, this diversion of roles would surely benefit all stakeholders in our value chain. It is a key to promote overall Board independence while enabling me to focus even more deeply on driving company growth, value creation for all our shareholders, and day-to-day company management,” he further said.

  • CLab, Dentsu Impact team up for V-Mart’s latest campaign

    CLab, Dentsu Impact team up for V-Mart’s latest campaign

    MUMBAI: V-Mart Retail has partnered with Dentsu Impact and CLab, to launch its new campaign introducing the Bollywood pair of Ayushmann Khurrana and Bhumi Pednekar as brand ambassadors.

    V-Mart Retail commenced operations in 2003 and has grown to become one of the most preferred destinations for all fashion and lifestyle needs for consumers residing in tier-2 and tier-3 cities. With a presence across 14 states with 176 stores across 148 cities, V-Mart caters to approximately four crore customers every year. According to a data compiled by Bloomberg, V-Mart, which has recently been conferred as the ‘world’s best performing department stores chain this year’, is one of the leading value-retailers of the country and caters to the aspirational middle class residing in tier-2,3 and 4 cities across India.

    V-Mart Retail senior vice president of marketing and operations Snehal Shah says, “We are super-excited to associate with young talents like Ayushmann and Bhumi. We are a brand that believes in hard work, understands the requirements and dreams of the country that resides outside the reach of metros. It is these beliefs and values which make both Ayushmann and Bhumi a great fit to represent us as our brand ambassadors. Making their way into the tinsel town through sheer hard work and talent, their stories are what connects and resembles with V-Mart’s DNA and that of the millions enduring through daily struggle and yet daring to dream big.”

    The association was designed by CLab, the entertainment and sports marketing arm of Dentsu Aegis Network. CLab vice president Deepak Kumar mentions, “We are extremely happy to have crafted a successful alignment between the celebrities and V-Mart. Our approach for the brand was based principally on factors of immediacy, quick recognition and response, relevancy and lastly demographic integration and acceptance.”

    CLab has been set up under the mentorship of Haresh Nayak who is the managing director at Posterscope India. He says, “We have evolved from the time in which celebrity endorsements were a product of gut feeling and perception to the time which involves intelligent and scientific planning for celebrity-brand matchmaking. With Star Matrix, our proprietary celebrity recommendation tool, our vision is to bring accountability and informed decision making in a discipline which functions on probability and gut feeling of advertisers in getting celebrities/sports personalities to associate with their brands.”