Unfazed by the growth of e-commerce, luxury brands retailer Lifestyle International is embarking on a massive expansion drive with plans to open over 40 more stores in India and targets a turnover of Rs 6,750 crore by March 2017.
It would be the most aggressive expansion for the company post 2010, according to a media report citing Kabir Lumba MD Lifestyle International, which is part of the Dubai-based retail and hospitality conglomerate Landmark group.Unfazed by the growth of e-commerce, luxury brands retailer Lifestyle International is embarking on a massive expansion drive with plans to open over 40 more stores in India and targets a turnover of Rs 6,750 crore by March 2017. It would be the most aggressive expansion for the company post 2010, according to a media report citing Kabir Lumba #
The company planned to open around 25-30 Max stores, 10-12 Lifestyle stores and 3-4 Home Center forums in tier I and II cities including Bengaluru, Delhi, Agra, Indore, Lucknow and Howrah, Lumba said adding that their expansion plans had so far been on track although at times the malls got delayed.
The company registered a turnover of Rs 5,700 crore during the last financial year.
"We started getting into tier II towns sometime back and we are seeing healthy traction across all regions for both tier I and tier II cities," said Lumba. At present, it has around 230 stores across Lifestyle, Max and Home Centre formats in India.
The Indian retail sector is facing huge competition from e-commerce giants like Amazon, Flipkart, Myntra and Snapdeal. However, there is greater confidence among retailers, observed Devangshu Dutta CEO Third Eyesight, a retail consultancy firm.
The threat perception from ecommerce platforms in terms of discounting, impacting footfalls was diminishing now, and that augurs well for the domestic retail industry, he said.
India is counted among the top 10 retail markets in the world. According to a recent report by Confederation of Indian Industry (CII) and consulting firm The Boston Consulting Group, the Indian retail sector is expected to double to levels of $1.1-1.2 trillion by 2020 from $630 billion in 2015. (SH)
Fibre2Fashion News Desk – India
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