Exclusive | Leading the retail discount brigade: Promart's Punit Agarwal

If you are told that a particular brand is offering a discount on its products, would you not like to go and buy the product. Perhaps yes or no but largely inclined towards yes. Who does not like discounts? Universally human psychology is such that they like to have things for good bargains, a point which retailers seldom miss. What if the discount is not for a limited period but all year round and that too ranging between 25 to 60 per cent? It will be surely a win-win for all, not just the consumers but also the retailer.

Leveraging on the concept of unmatched deals and discounts all round the year on some of the world’s best brands is Promart Retail India (PRI), a discounted retail chain working on the value format concept since the last one and half years. The discounts are attractive to the tune of 25 per cent to 60 per cent on premium national and international brands under one roof.

Numbering over 50, Promart stores are located at prominent malls, high streets & strategically selected locations in India. When ‘Fashion is in Discount’ no state, no individual wants to leave the opportunity. Says Punit Agarwal, CEO PRI, “We make sure that fashion gives value to our customers. Today every individual wants to grow; they look out for a style icon and want to follow them. Youngsters face the money problem as they don’t have much money to style themselves up, so we at Promart understand their dream and address them. That fashion is here for you, come any buy it now. We are going to all the smaller cities, Tier II & III cities as part of our expansion plans. He was speaking exclusively to Adgully on the occasion of launching of the company’s new brand logo.

As CEO, Agarwal is responsible for the overall business decisions, logistics and inventory management for the company. His role also includes setting up targets and identifying key markets for growth and sustainability of the business.

The journey for Promart has been exciting so far. Says Agarwal, “Till now it’s been a successful ride for us, we started one and a half year ago so in that sense we are still new. But every store is already making a profit. In a span of one year we have opened 50 stores across 11 states and two Union territories. Ours is the only brand which is opening stores month on month. We would be launching 150 stores by end of this calendar year.”

On the new logo, Agarwal said, “when we gave the mandate to Mc Cann, the advertising agency, we wanted every individual to relate with the logo. I wanted to be different and was keen to bring in the concept of fresh fashion with affordable price. As I am on discount I don’t want to keep discount prominent. So instead of red we chose yellow which is a fresh color, it resembles sunrise and freshness for which we all look up to everyday. So, the new logo signifies our brand value with yellow colour.”

Promart retails more than 100 brands like Pepe, Proline, Lee, Mufti, Wrangler, Wills Lifestyle, Adidas, Nike and others. About competition, Agarwal says, “There is no competition for us. People who had the misconception that people will buy anything stored at discount are shutting down their stores. We are the only one to have evolved as the only fashion brand selling at discount.”

On marketing, Promart aims to be the destination for ones who want to grow & move ahead in life, wants to follow their icons. Though not limiting to smaller towns, Agarwal adds, “they are our target audience. India’s population is not in metros but it is in smaller cities, so is the money. We thought that let’s educate them about fashion, let’s fulfill their aspirations & demand; and make everyone successful.” It’s a fact that you are recognized from what you wear, your attitude speaks and when you get to wear what you like within your budget there’s nothing beyond that,” he further added.

For expansion PRI has tied up with Franchise India, to get more franchises. It has identified 50 plus locations and work is in progress. “There should be 100 operational stores by end of April. The brand will be focusing on mens wear, women’s wear and kids wear. I don’t want to leave aside any category nor want to do any discrimination as we have all kind of buyers and we are doing well. We want to deliver more,” said Agarwal. The company has also established an online presence. It is also planning a vigorous PR and advertising campaign, including a TVC besides social media.

On asked about last year’s growth and expected revenues, Agarwal said, “last year we closed at Rs 71 crores and this financial year we are targeting Rs 450 crores. We supply to corporates at discount, we supply to school & distributions at discounts. This year we are targeting for mo, schools & other institutions at a discount and are in line to achieve our target.” We believe in saying less and doing more, Agarwal concluded.