The Hindu Business Line : Lifestyle eyes Rs 725-cr turnover in 3 years

LIFESTYLE International, the Chennai-based retail chain, is targeting a turnover of Rs 725 crore in three years with 21 new stores in major metros and smaller cities.

The company had a turnover of Rs 250 crore in 2003-04. It currently has seven stores — one each in Chennai, Hyderabad, Bangalore, Gurgaon and three in Mumbai.

Mr Kumar Sitaraman, Managing Director, Lifestyle International Pvt Ltd, said that the new stores would be in the current format, offering a range of products such as apparel, shoes, lifestyle products, household articles and baby products.

Like all other department stores in India, apparel is the driver, he said. The investment in each store will be Rs 10 crore.

Mr Sitaraman said that the company had decided to move into tier II cities after research had proved that these places were ready for large format stores.

He said that the stores were able to offer a range of product categories under one roof because they were able to source from 50 countries.

Lifestyle has unveiled its new logo, which according to Mr Sitaraman, symbolises fashion and youth. The company spends about 2 per cent of its turnover on the media, he said.

The television commercial reflecting the new brand identity will go on air across the country in the last week of November.

Lifestyle is part of the Landmark Group, a Dubai-based retail chain that has about 300 outlets in West Asia.

Mr Sitaraman said that the company was able to leverage its international experience in sourcing and merchandising.