The Indian retail fashion brand Lifestyle is reportedly investing about Rs 140 crore for the purpose of expansion during the current financial year. The company will open new stores, the investment of which is estimated to be Rs 8 crore to Rs 10 crore per store.
“We are planning to open 12 to 14 stores during the current fiscal,” said Srinivasa Rao, senior vice-president of Lifestyle Pvt. Ltd. “The investment per store will be about Rs. 8 crores to Rs. 10 crores,” he added.
Founded in 1999, the company, at present, has around 70 stores all over the country. The retail firm offers a variety of national and international brands It now plans to open more stores and the funds for the same would be met from internal accruals.
According to the senior vice-president, the company would be opening stores at Kota in Rajasthan and Bengaluru in the coming two weeks’ time. And further, the expansion will be taken forward to cities like New Delhi, Hyderabad, Chennai and Odisha.
According to the reports, if we talk about the revenue, the retail chain has announced an average growth of 20% year-on-year basis in the current financial year. South leads the region in sales, after the west, north and east regions. The company’s major customer base is in the age group of 30-32 years and their average spending is Rs. 3,000 per person. They are already present in tier-2 and tier-3 cities.
The fashion retail company launched its fifth store in Chennai on Monday that is offering a good range of national and international brands to the customers. Lifestyle is among one of the most liked companies in the Indian fashion market and the current investment for expansion will surely help it to make more profits and gain customer satisfaction.