Fashion and apparel retailer V2 Retail which is in an expansion mode, is targeting an ambitious 50 per cent increase in its turnover to Rs 450 crore in the next one year.

The company is aiming to nearly double its sales network to 40 stores from the current 21 as part of its expansion strategy.

V2 Retail chairman and managing director R C Agarwal said the company would invest between Rs 35 and Rs 40 crore to add 20 new stores in tier-II and tier-III towns across Bihar, Jharkhand, Uttar Pradesh and Uttarakhand.

The company would continue to focus on east and north-eastern states besides Uttar Pradesh and Uttarakhand. It is also expanding its in-house brands and labels to cater the market, Agarwal said.

Currently, 50 per cent of V2 Retail’s revenue comes from men’s apparel and 25 per cent each from ladies and kids wears.