Agarwal moved to Delhi in 2001 and opened a showroom in Rajouri, charging 15-20 per cent less than the competition. By this time he had travelled across Europe and became convinced of the efficacy of the hypermarket system. His first came up four years ago on the outskirts of Delhi. "Garments alone were not enough. I wanted a big role in retail."
Agarwal, who enrolled for a five-year law course at Surendranath College, only to drop out after three, reels off the numbers with panache. In the four years to 2007, Vishal has grown at a compounded annual growth rate of 86 per cent while the profit after tax has grown at a CAGR of 166 per cent. "Education helps, but you cannot teach hard work, leadership or quick decision-making."
Vishal Retail’s initial public offer, in June this year, was subscribed 70 times, and ended at Rs 750 a share on its stock market debut in July, against the issue price of Rs 270. Agarwal’s target is to be among the top three retailers in the country. For now, his Ford Endeavor, which he uses for the 10-minute drive from home to office, has nearly as much space as Vishal Garment, 9, Lal Bazar Street, Kolkata.
Advertisement
