Kolkata based CityLife to open 40-50 new stores

CityLife, a Kolkata based value retailer plans to open 40-50 stores every year in order to increase foothold in smaller towns and raise funds by diluting minority stake to a private equity player as highlighted with leading media agency.

.As per the media reports this fashion retailer touched Rs 500 crore turnover in 2017-18 having grown by 160% over previous fiscal. The retailer is also expanding the business into selling FMCG products to drive footfall. Though, apparel and fashion accessories are key growth driver and contributes 35% margin as compared to just 16-18% in FMCG.
 CityLife will continue to focus on smaller towns and outskirts of large cities since rentals are much less whereby it can make profit as published with media agencies.