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Lifestyle retail chain in expansion mode
24 Sep '09
2 min read
Lifestyle, the retail chain of the Dubai based, Landmark Group is contemplating expansion in to tier-11 cities on back of signs of rebound visible in the Indian economy. The company is targeting to set up 44 Lifestyle stores and Home Centres in the next three years.
The Group has earmarked Rs 4.5 billion for the expansion drive. Currently Landmark operates 15 Lifestyle outlets and nine Home Centres. The Lifestyle store is a large format department store with five concepts under a single roof and Home Centre is for home products.
Giving details, the Executive Director of Lifestyle International, Mr Kabir Lumba said, “In the next one year we plan to set up 9-10 Lifestyle stores and 2-3 Home Centres in the country and we will look at Tier II cities like Kanpur, Nagpur and Jalandhar for expansion”.
The investment will be funded through equity by the promoters of the company, internal accruals and debt from banks. In 2008-09, the retail chain registered a turnover of Rs 8 billion and is projecting to reach Rs 10 billion in the current fiscal.
The Lifestyle chain was set up in 1999 by the promoters of the Rs 150 billion Landmark group from Dubai. The current turnover of Landmark Group in India is Rs 14 billion, which is expected to touch Rs 30 billion by 2011-12.
The Group has earmarked Rs 4.5 billion for the expansion drive. Currently Landmark operates 15 Lifestyle outlets and nine Home Centres. The Lifestyle store is a large format department store with five concepts under a single roof and Home Centre is for home products.
Giving details, the Executive Director of Lifestyle International, Mr Kabir Lumba said, “In the next one year we plan to set up 9-10 Lifestyle stores and 2-3 Home Centres in the country and we will look at Tier II cities like Kanpur, Nagpur and Jalandhar for expansion”.
The investment will be funded through equity by the promoters of the company, internal accruals and debt from banks. In 2008-09, the retail chain registered a turnover of Rs 8 billion and is projecting to reach Rs 10 billion in the current fiscal.
The Lifestyle chain was set up in 1999 by the promoters of the Rs 150 billion Landmark group from Dubai. The current turnover of Landmark Group in India is Rs 14 billion, which is expected to touch Rs 30 billion by 2011-12.
Fibre2fashion News Desk - India
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