Leading retailer Lifestyle is confident of meeting the competition that foreign direct investment in multi-brand retail is expected to unleash with a combination of strategies it pursues, including localisation of the product.
“I am not saying I am not worried. But I am not excessively concerned,” Lifestyle International Pvt Ltd. (India) Managing Director Kabir Lumba said, pointing out that the FDI policy also had a lot of strings attached. Moreover, only some brands were keen on India, not all, he added
``Given that FDI in multi-brand comes with so many conditions, people are not going to find it easy,” he said during an interaction with The Hindu here on Thursday.
In the city for the opening of the third Lifestyle store here , Mr.Lumba said, ``the fact that the company is in India for the last 12 years, understands what the customers wants, and has stores in malls where there are very strong global brands and continues to open more outlets is an indication we are able to compete.” Barring some apparel lines and bulk of its furniture range which was imported, Lifestyle India sourced most products within the country, he said.
The company in the current fiscal expected a 20 per cent increase over last year’s turnover of Rs.2,500 crore, he added.
“Next year, we will open eight or nine Lifestyle store, open two or three Home Centres, 20-25 stores combined,” he said