07 October 2021, Mumbai:
Lifestyle International’s FY 2020-21 revenues declined 37 percent to Rs 5,882 crore reveals data from business intelligence platform Tofler. The company widened its net loss by 166 percent to Rs 243 crore during the fiscal.
Total expenses stood at Rs 6,257 crore. Having opened its first Indian store in 1999, Lifestyle International has close to 80 stores in the country.
It is a part of the Dubai-based retail and hospitality conglomerate Landmark Group which was founded in 1973 with a store in Bahrain. Today, it has a significant presence in the Middle East and India.
The stores sell apparel, footwear, beauty, and accessories. It offers a range of owned brands as well as franchise brands at its stores. The retailer competes in the Indian market with retail brands such as Shoppers Stop, Reliance Retail as well as Future Retail.
India’s apparel market declined by 27 percent to Rs3,022 billion in 2020 from Rs4,129 billion in 2019, as per a Boston Consulting Group report released in March, The report estimates, the apparel market will touch ₹5,781 billion by 2024.
Multiple lockdowns due to the COVID 19 pandemic and subsequent restrictions on movement are expected to delay the growth of the country's retail market by a couple of years, it adds.
As per estimates by rating firm Crisil, infections from the second COVID-19 wave are likely to limit revenue growth of the organized apparel retail sector to 15-20 percent this fiscal from its earlier expectation of 30-35 percent.