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Lifestyle International outlines investment of $110m in Indian market by 2016

RBR Staff Writer Published 19 February 2013

Indian retail major Lifestyle International plans to invest INR6bn ($110m) over the next three years to expand its footprint in the country.

Lifestyle International managing director Kabir Lumba outlined the plans at the unveiling of a new outlet in Phoenix Market City mall, Chennai, reported the Hindu BusinessLine.

"This year alone, we will add another 8-9 Lifestyle stores, 20-25 Max and three Home Centre outlets to our network," said Lumba.

The retailer is part of the Dubai-based Landmark Group and ended the calendar year 2012 with a turnover of INR3bn ($55m), registering a 20% growth over 2011.

Lifestyle is confident that the Indian market will not witness any large-scale downtrading, wherein consumers settle for lower-priced and smaller-quantity units.

The chain currently operates in the Indian market under three formats - the large-format Lifestyle stores; home improvement brand - Home Centre and value fashion chain - Max alongside international fashion apparel brands UCLA and Bossini.