Financial Daily from THE HINDU group of publications
Thursday, Sep 22, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 22, 2005 |
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Marketing
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Retailing Money & Banking - Credit Cards & Debit Cards Lifestyle launches co-branded credit card with SBI Our Bureau
Mr Roopam Asthana (right), CEO, SBI Card, with Mr Kabir Lumba, President, Buying and Merchandizing, Lifestyle International Pvt Ltd, at the launch of Lifestyle-SBI Card in the Capital on Wednesday. — Ramesh Sharma
New Delhi , Sept. 21 LIFESTYLE retail chain plans to open 17 new stores in the country in the next three years taking the total number of stores to 25 from the existing eight stores. In this expansion, the retail chain would be moving to tier two cities as well. Mr Kabir Lumba, President, Buying and Merchandising, Lifestyle International Pvt Ltd, speaking on the sidelines of the launch of the SBI-Lifestyle co-branded card here said, "The expansion would entail investment of Rs 170 crore which would be met by both internal accruals and debt." The new co-branded card would enable customers to make payments for purchases from Lifestyle stores in instalments. The cardholders also earn reward points on purchases from Lifestyle stores and purchase of fuel from IOC and IBP petrol pumps and discounts from select companies. The card comes free of annual fee for the first year. The fee from the second year would vary depending on the spend of the cardholder. Mr Roopam Asthana, Chief Executive Officer, SBI Cards, said, "Developing new partnerships is a key part of our business strategy and with Lifestyle's premium retail store network it was the natural choice to be our partner for this premium retail card." He said that in the first year the bank hopes to sell the card to the 3.4 lakh existing members of Inner Circle, Lifestyle's loyalty club. The bank claims to have a customer base for its cards at 1.9 million.
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