Lifestyle overtakes Shoppers Stop

Lifestyle International has overtaken Shoppers Stop in the Indian lifestyle and fashion retail market for the first time, with mid-priced chain Max playing a game changer. Owned by Dubai- based magnate Micky Jagtiani's Landmark Group, Lifestyle International reported a 56 per cent jump in its revenues at Rs 2,001 crore for the year-ended March 2011, according to its financial statement filed with the Registrar of Companies two weeks ago. Landmark Group's food and grocery format, Spar Hypermarkets, and hospitality arm, Citymax India, are not included in Lifestyle International's results. "Max is at an inflexion point," says Kabir Lumba, Managing Director of Lifestyle International, attributing most of the firm's rapid growth to the affordable fashion chain. Max, which has smaller shops of 12,000-15,000 sq ft, helped Lifestyle International enter tier II and tier III cities. Sales Max, which competes with Reliance's Trends format, Pantaloons and Westside, has also opened large properties in metros.