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Franchise India’s Bharat Startup Summit & Expo had the pleasure of meeting Lalit Agarwal, Founder and Managing Director of V-Mart Retail India Ltd. In this exclusive conversation, he shared insights on building a one-stop destination for family fashion, adapting to changing customer trends and technology, and V-Mart’s efforts to engage the younger generation through the Limeroad franchise model.
When people hear the name V-Mart, many think of a grocery or footwear store. So, how is V-Mart different from others?
Lalit Agarwal: Actually, 80% of V-Mart’s business comes from fashion apparel, and 90% of the overall business is related to fashion. When we started 23 years ago, our first store was focused on fashion. So, although the name has ‘Mart’ in it, V-Mart is very much a fashion mart. Our goal is to bring the complete range of family wear—casual, formal, ethnic, western, kids’, and infant wear—all under one roof.
Along with that, we also offer home accessories, home decor, kitchen essentials, footwear, bags, luggage, wearable smart gadgets, and essential impulse items such as packaged food or non-food products. Most of our stores are in smaller cities. Besides V-Mart, we have two other formats — Unlimited, which operates in South India, and Limeroad.com, our online vertical. We are also opening new Limeroad stores targeted at the youth generation.
Customer preferences and trends keep changing frequently. How do you view these trends, and what is the current trend?
Lalit Agarwal: I grew up in my father’s tailor shop, where we took measurements and delivered custom garments. Over the years, I have witnessed the shift—from tailoring to ready-made garments, from small shops to large stores and brands.
Retail has evolved from physical small stores to medium and big retail formats, hypermarkets, online retail, and now omni-channel retail. Quick commerce is the latest trend. Consumers today are globally aware of fashion trends from cities like Rome, Milan, Paris, and London, and want to adopt those trends quickly.
In India, 40% of the population is youth who make decisions rapidly. They want to look stylish, have access to fashion knowledge, and quickly discover which brand, color, fabric, silhouette, or fit suits them best. Retailers must adapt to these evolving demands and cater accordingly.
Can you explain the franchise model V-Mart follows?
Lalit Agarwal: Today’s customers value relationships more than ever. In a franchise model, the store is owned and run by an individual who builds a connection with the community. With the rise of startups, many young people want to innovate and run their own business.
Franchising offers such opportunities. We have put Limeroad stores on a franchise model. Our vision is to create destinations where youth want to hang out, take selfies, share on social media, listen to DJ music, get tattoos, practice yoga, invite friends, and feel a sense of belonging.
This helps develop a strong community relationship. We want franchises run by youth, for youth. My son, who is 24 and a Gen Z member himself, sits here with me. We aim to build an ecosystem where the younger generation becomes the future leaders of retail.
Conclusion:
V-Mart is more than just a fashion store—it’s a platform bringing quality fashion to smaller cities across India. Lalit Agarwal emphasizes how evolving customer trends and fashion have shaped the company’s growth. By embracing franchising and involving the youth, V-Mart and Limeroad are empowering young entrepreneurs, providing them a chance to innovate, lead, and build vibrant community spaces that define the future of retail.
