Published
Sep 20, 2019
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Lifestyle optimistic for festive season

Published
Sep 20, 2019

Multi-brand department store chain Lifestyle is optimistic about the upcoming festive sale season and remains positive that a recent slowdown in consumer retail demand will not affect its sales. 

Lifestyle expects a successful festive season and plans to continue to expand in India - Lifestyle


"We are optimistic that we will be doing very well in the festive season and slowdown will not be affecting us directly," Lifestyle’s managing director Vasanth Kumar told ET Retail. The upcoming festive sale season is the biggest retail event of the year and when many brands, especially those retailing clothing, achieve a large increase in sales. 

"In Noida alone, there are 20 places to go and shop,” said Kumar, explaining that the brand’s recent sales stagnation was caused by an excess of availability. “Earlier there used to be only one mall. So when excess mall happens, stores will be having problems because customers do not want to go five kilometres to go to a mall. That is why the shrink is happening because of the excess amount of malls in vicinity."

Lifestyle, which currently runs 10 private label brands, aims to increase total business revenue from in-house brands from its current rate of 30% to 35% in the coming three years. The brand also aims to open between eight and nine brick-and-mortar stores for the next three years. Kumar said that Lifestyle expects a growth rate of between 8% and 10% for the coming three to four years.

 

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