Lifestyle to open 20 retail outlets, invest up to Rs 200 crore

By

Isabelle Crossley

Published
Aug 20, 2018

The garment retailer Lifestyle will invest up to Rs 200 crore ($30 million) in a new wave of retail expansion and plans to open 20 stores across India in the next one-and-half years.

Lifestyle, which reported a turnover of Rs 4,000 crore in the 2018 fiscal year, is eyeing a turnover of Rs 4,600 crore this fiscal year. To achieve this, the business is aiming for 16 to 18 percent growth this fiscal and the major strategy towards this is brick-and-mortar retail expansion.

The business, which is part of the Landmark Group, currently has around 75 retail outlets across India and it plans to take the total to around 95. Cities where Lifestyle already has a presence will be selected for the retail expansion strategy.

"We plan to invest Rs 150-200 crore to open 20 new outlets in the next 1-1.5 years,” Lifestyle International’s Managing Director, Vasanth Kumar, told the Press Trust of India.

“At present we have stores in 44 cities...we will go into five more cities and open rest of new planned the stores in the cities where we already have a presence." 

Kumar also explained that Lifestyle currently gets around 75 percent of business from metros but in the future, he expects that smaller cities will add to growth. Omni-channel is also expected to contribute to growth significantly over the next five years.

"Omni channel at present contributes about 1-1.5 per cent of our sales but we expect it to be in double digits (10 per cent and above) in the next five years," said Kumar.