Are V2 Retail, V-Mart, and Baazar Style living up to the market hype?

Fashion retailers have been among the most prized corners of the market in recent years. Those catering to budget-conscious consumers in tier-2 and 3 cities have particularly seen their valuations balloon to over 100 times in a short stretch. What drove the optimism? Solid store expansions in recent years led to rapid financial growth in a market with large headroom for scalability. So, we take stock of their Q3 FY25 performance and future expansion plans.