Lifestyle eyes smaller cities
Apparel retailer Lifestyle International, part of the Dubai-based $3.2 billion (Rs 15,000-crore) Landmark Group, is planning to spread its footprint across smaller cities in the country in a bid to increase its revenue base.business Updated: Jul 23, 2010 23:36 IST
Apparel retailer Lifestyle International, part of the Dubai-based $3.2 billion (Rs 15,000-crore) Landmark Group, is planning to spread its footprint across smaller cities in the country in a bid to increase its revenue base.
Tier II beckons
Lifestyle group is looking to enter Tier-II cities like Jaipur, Jalandhar, Ludhiana and Kochi.
It is eyeing first-mover advantage to expand consumer base.
For fiscal 2009-10 Lifestyle reported sales of Rs 1,072 cr from its India operations.
It expects sales of Rs 1,600 crore in 2010-11, and plans to hire 8,000 people over the next three years.
The retailer of branded apparel, cosmetics, footwear and toys plans to enter Tier-II cities like Jalandhar, Ludhiana, Kanpur, Mangalore, Coimbatore, Surat, Bhubaneshwar, Kochi, Jaipur, Vijaywada and Vizag, among others.
"The demand for quality products is growing in smaller cities and we want to have the first-mover advantage," said Kabir Lumba, MD, Lifestyle International (India). The company’s expansion strategy is simple — double the number of stores over three years.
"We will have around 45 retail Lifestyle stores by the end of 2012-13 across 22 cities. The total investment will be around Rs 200 crore," Lumba said. He said the company would retain the strategy of operating from malls.
At present there are around 22 Lifestyle stores in 13 cities. India currently contributes around 10 per cent of overall revenues for the Landmark group. "We are very bullish about our India operations. Over the next three years we will hire close to 8,000 people," Lumba said.
First Published: Jul 23, 2010 23:33 IST