Landmark Group’s Lifestyle brand to invest Rs 200 crore on retail expansion
The Dubai-based Landmark Group’s fast fashion chain Lifestyle has earmarked an investment of Rs 200 crore ($29 million) on the expansion of its retail presence in India during the fiscal year 2019-20.
The company will be adding 10 new stores across the country and invest Rs 20 crore on each store opening. Lifestyle has already started its expansion plan in the first month of the new fiscal with the opening of its new store in the city of Chennai.
All the new stores would be company-owned and the investment would be met from internal accruals. The company expects all its new stores to break even within six to 12 months.
“We will open 10 stores during FY20, of which the first one was opened in Chennai on Thursday. We will be investing about Rs 20 crore per store,” Vasanth Kumar, managing director, Lifestyle International Pvt Ltd told the Hindu.
“With the proposed expansion, it would end the year with 86 stores and would be adding two more cities — Hubbali and Guwahati. Lifestyle believes in setting up large-format stores in shopping malls that have large footfalls. Almost all the stores would measure 40,000 square feet to 50,000 square feet and deal with a variety of national and international brands,” he added.
Lifestyle, which sells womenswear, menswear, and children’s wear currently has 77 stores spread across 44 Indian cities. It also sells through its e-commerce store.
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