India's V-Mart is the world's best performing department store chain

India’s V-Mart has been named as the most successful department store chain in the world.

Since shares in the company began trading in 2013, they have risen 10-fold and are already up 47% this year.

V-Mart Retail Ltd, which is owned by Jeffries India Pvt, therefore exhibited the best stock performance in the world for a department store chain this year, according to data from Bloomberg. The list of data was made up of 105 worldwide department-store firms with a minimum value of $200mn.

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Referring to the top ranking, Jeffries analysts noted: “V-Mart’s strong business model in terms of store economics is increasingly being replicated by other players given the limited barriers to entry.”

However, they also warned: “We need to be cautious on companies with valuations that have significantly outrun fundamentals.”

V-Mart describes itself as a “complete family fashion store that provides its customers true value for their money”. The company has 172 stores across 145 cities across India, having opened its first store in 2003.