Apparel retailer Lifestyle plans to invest up to Rs 200 crore to add 20 outlets in the next one-and-half years to increase its footprint across the country.
According to a PTI report: Lifestyle is also eyeing 16-18 percent growth and a turnover of Rs 4,600 crore this fiscal. It had reported Rs 4,000 crore turnover in the previous financial year.
The company, which at present operates close to 75 outlets in the country, plans to open majority of the new outlets in the cities where it already has a presence.
“We plan to invest Rs 150-200 crore to open 20 new outlets in the next 1-1.5 years. 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,” Vasanth Kumar, Managing Director, Lifestyle International, told PTI.
Kumar said the company gets 75 percent of its business from top cities at present but expect smaller cities to add to its growth in the years to come.
The company also expects its omni channel (combination of offline and online retail) strategy to pay off and contribute 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,” Kumar was quoted by PTI as saying.
Lifestyle is a part of Dubai-based retail and hospitality conglomerate, The Landmark Group.