Sales at Lifestyle International, the company that runs an eponymous department chain in India, grew 46% in the year to March 2023 to Rs 11,810 crore.
According to financials sourced from Tofler, Lifestlye International reported a net profit of Rs 700 crore during 2022-23. This is a 160 % increase from the last financial year. The company’s total expenses for the fiscal was 10,877 crore.
Lifestyle International, part of Dubai-based entrepreneur Micky Jagtiani’s Landmark Group, operates a department store chain, value format Max, and home furnishing store Home Centre.
Sales of organised retail segments grew 34% during FY22-23 compared to pre-pandemic (FY20), largely driven by quick service restaurants, sporting goods and electronics, a report by RetailersAssociation of India (RAI) has said.
While a bulk of the growth was price-led, consumer demand across categories bounced back to double digit growth as per the latest RAI report that surveyed top 100 retailers from modern retail across segments.
The retail firm opened its first store in India in 1999. Max’s smaller size has also helped Lifestyle International test tier II and III cities before opening its flagship format their first.
Apart from established chains such as Central, Shoppers Stop and Westside, India has, over the past few years, attracted some of the world’s largest apparel brands, including H&M, Gap and Uniqlo, which are banking on young consumers increasingly embracing western-style clothing.
