Max Retail to open 20 new stores

Friday, 16 November 2012

Max, the lifestyle apparel brand of Lifestyle International has worked up an aggressive retail expansion plan. It is planning to launch stores in Tier II, III cities across India by opening 20 new stores with an investment of Rs 100 crores by the end of financial year 2013-14. Eyeing demand in smaller towns, the company wishes to make affordable fashion available to customers from these areas. In the past six months, the company launched seven outlets at Hubli, Mysore, Bareilly, Bhubaneswar, Siliguri, Cochin and Thiruvananthapuram with an average Rs 5 crore investment. Max is investing a total of Rs 100 crores to open 20 new stores to expand its reach in the country. At present, it has a total of 60 stores across 35 cities, covering metros and non-metros.

The company is owned by NRI billionaire Micky Jagtiani, who also owns the $4.7 billion (Rs 25,000 crores) Dubai-based Landmark Group, an international diversified retail and hospitality conglomerate. The group operates over 1,200 outlets across the GCC, India, Egypt, Turkey, Jordan, Lebanon, Yemen, Sudan, Kenya and Pakistan. Its retail brands include, Centrepoint, Babyshop, Splash, Shoe Mart, Lifestyle, Beautybay, Iconic, Emax, Home Centre, Q Home Décor, Candelite, Max, and Shoexpress.

The Max retail brand in India is targeting total sales revenues of Rs 800 crores this financial year, up from Rs 600 crores last year.