Lifestyle to continue offline expansion across India
Fashion retail chain Lifestyle International, which is owned by the Dubai-based Landmark Group will continue with its offline expansion and plans to open 7 to 8 stores every year.
The company is banking on online sales for revival as its growth rate for the fiscal year has dropped to a single digit as against double-digit growth it reported last year.
The new stores will open up in malls across India as the brand wants to target younger consumers. It is expecting strong sales from its offline and online platforms during the upcoming festive season.
“Lifestyle is not slowing down on its expansion plans despite the slowdown in consumption which has affected the growth rate of the business. Penetration is still small in India and we will continue with our pace of expansion. All the stores will come up inside malls which will help to attract younger consumers,” managing director at Lifestyle Vasanth Kumar told the Economic Times.
Lifestyle had recently partnered with e-commerce giant Flipkart to sell its private labels which include brands like Bossini, UCLA and Melange. The company expects the online channel to contribute 15 percent to the company’s overall revenue over the next four years.
“Online sales are 3 percent of our turnover. Our target is to take it up to 15 percent in the next three-four years,” Kumar added.
Currently, Lifestyle has 78 stores across India and also sells through its website. Apart from selling its nine private labels, the brand also houses many national and international brands.
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