India’s major retail brand Lifestyle has announced its plan to make an investment of around Rs 200 crore for expansion in the country.
The brand, a part of Dubai-based retail and hospitality conglomerate, The Landmark Group, is planning to increase its retail footprint by adding 20 new outlets in next one-and-half years in the country. Currently, the brand has 75 stores operational in 44 cities.
Majority of the planned stores are expected to come up in the cities where the brand is already present.
“We are planning to make investment in Rs 150-200 crore to increase our store count. The brand is planning to add five new cities in its retail map while rest of the planned stores are likely to come in the cities where we are already present,’ Vasanth Kumar, Managing Director, Lifestyle International was quoted as saying by a news agency.
The apparel retailer is targeting to achieve 16-18 per cent growth this year. The brand also wants to increase its annual turnover to Rs 4,600 crore in this financial year from Rs 4,000 crore in the previous financial year.
Top cities where the brand has its presence contribute 75 per cent of its business while smaller cities are likely to become growth contributors in the years to come.
Additionally, the company is also hopeful to have significant results from its omni channel strategy. The brand expects double digit growth in omni-channel contribution in next five year from current around 1-1.5 per cent of its sales from omni-channel.
Lifestyle also recently opened a new store in Bengaluru, taking its total number of outlets in the country to 73. The new store was inaugurated in Bangalore’s RMZ Galleria, and houses around 200 domestic and international brands.
Introducing the latest technology to enhance the customers’ in-shop experience, Lifestyle has also installed Self Checkout Kiosks in two of its outlets in Bengaluru and Delhi, as the retailer claimed it helps them significantly during the weekend when the footfall at the stores are generally high.
