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Landmark to invest Rs450 crore in India

Landmark to invest Rs450 crore in India
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First Published: Sun, Mar 29 2009. 10 29 PM IST
Updated: Sun, Mar 29 2009. 10 29 PM IST
Mumbai: At a time when most retailers have put their expansion plans on hold and are looking at various ways to cut costs, Dubai-based Landmark Group is looking at a steady expansion in India.
The company will invest around Rs450 crore to expand the number of its Lifestyle and Home Centre stores, said a senior executive, adding that in the next two years, the group will set up a total of 35 Lifestyle stores and 15 Home Centres across the country.
Lifestyle is a chain of home decor, furnishing and lifestyle products and Home Centre stores sell furniture and home accessories among other products.
The group already has 14 Lifestyle stores and eight Home Centres, operating mainly in tier I cities.
The area for Home Centres ranges from 15,000 sq. ft to 20,000 sq. ft while the Lifestyle stores occupy anywhere between 40,000 sq. ft and 50,000 sq. ft in area.
Lifestyle stores are also looking at lowering the prices of their products in an effort to boost product offtake. “The company has lowered the price point barriers to Rs299 in apparel from the earlier price point of Rs399 to make it more accessible to the customers and encourage first-timers,” said Kabir Lumba, executive director, Lifestyle International (P) Ltd.
“We would further focus on the nine series like kurtas for Rs299, T-shirts for children for Rs99, shirts at Rs299, men’s formal and casual T-shirts at Rs699.”
The group had a turnover of Rs695 crore in India in 2007-08. “We are likely to touch a turnover of around Rs800 crore in 2008-09 and will grow by around 30-40% in the next two years in terms of value,” said Lumba.
The group has also shifted the operations of some of its licensee franchisees, such as Bossini and Kappa, to Lifestyle International. Earlier Bossini, Hong Kong-based casual wear brand, and Kappa, an Italian sports wear brand, were managed by the Landmark Group.
Lifestyle International now plans to set up 30-40 stand alone Bossini stores on around 1,000-1500 sq. ft area, over the next two years.
The group recently terminated a franchisee arrangement with Springfield, a European casual wear brand. Their products and price points did not work with consumers, Lumba said.
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First Published: Sun, Mar 29 2009. 10 29 PM IST