Leading retailer Lifestyle is completely prepared for meeting the competition that foreign direct investment in multi-brand retail is expected to blaze with a combination of strategies it pursues, including localisation of the product.

According to Lifestyle International Pvt Ltd. (India) Managing Director Kabir Lumba he is not saying he is not worried but that he is not excessively concerned also in pointing out that the FDI policy also had a lot of strings attached. Moreover, he added that only some brands were keen on India, not all.

Mr Lumba added, given that FDI in multi-brand which comes with so many conditions that people are not going to find it easy. In fact, for the opening of the third Lifestyle store in the city, 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.

Even, barring some apparel lines and bulk of its furniture range which was imported, Lifestyle India sourced most products within the country.

To say more, the company in the current fiscal is expected with a 20 per cent increase over last year’s turnover of Rs.2,500 crore and that next year, they will open eight or nine Lifestyle store, open two or three Home Centres, 20-25 stores combined.

(AW:Samrat Biswas)