The company plans to open majority of the new outlets in the cities where it already has a presence.
With the aim to increase its footprint across the country, readymade apparel retailer Lifestyle plans to invest up to Rs 200 crore to open 20 outlets in the next one-and-half year. It is planning to start majority of the new stores in the cities where it already has a presence.
Presently operating around 75 stores in India, Lifestyle is eyeing 16-18% growth and a turnover of Rs 4,600 crore this fiscal. The company had reported Rs 4,000 crore turnovers in the previous financial year.
Vasanth Kumar, Managing Director of Lifestyle International, said, "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".
Lifestyle also expects its omni channel (combination of offline and online retail) strategy to pay off and contribute significantly over the next five years. Kumar stated, "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".