Retail fashion brand conglomerate Lifestyle International Private Limited has reported its revenues for the financial year 2018-19 as Rs 8,467 crore, a 12 per cent jump since the last financial year. The company further reported a net profit of Rs 426 crore during the same fiscal. This is a 5 per cent increase from the last financial year. The company’s total expenses for the fiscal were reported as Rs 7,827 crore as per financial data accessed by business intelligence platform Tofler.
In response to exchange4media’s query, Srinivas Rao, Senior Vice President-Marketing, Lifestyle, attributed the growth to the brand’s focus on strong execution and their customer-centric approach. Rao also shared that the brand will be expanding the offline footprint, targeting to reach the 100-store milestone in two years.
“We are currently 80 stores strong with a presence in 44 cities and delivering to over 2,60,00 PIN codes, across the country and are expanding our offline footprint by launching one store every 45 days, thereby reaching the 100-store milestone in two years,” Rao said.
He revealed that the brand has been allocating approximately 14-15 per cent of their marketing budget to digital, 12-14 per cent on OOH, 55-60 per cent on print and the balance on radio, cinema and other forms of marketing. “Our annual marketing budget comprises 2.5 to 3 per cent of total sales,” he said.
According to Rao, Lifestyle is increasingly working towards strengthening the omni-channel offering to ensure a frictionless customer experience and further expanding their online presence with lifestylestores.com and is exploring tie-ups with key marketplaces.
“In fact, we recently announced our strategic partnership with Flipkart and Myntra; driving customer experience through various tech introductions, both in terms of product and service and other fashion initiatives like launching new collections. The best example for this would be the high on trend, limited edition ‘Runway Collection’ for our brands Ginger by Lifestyle and Melange by Lifestyle,” he explained.
Moreover, proximity-marketing and upping the omni-channel strategy are other important aspects the brand is focusing on. “Proximity marketing is critical in retail as typically we find customers with high intent closer to our stores (at malls and high streets). This makes proximity marketing an integral part of our plan. We also believe that our customer is omni-channel and hence it is imperative for us to service this customer along with their shopping journey. With features like Click & Collect and Return to Store, Lifestyle offers a true omni-channel experience to its customers,” Rao shared.