In the past few years, many retail chains have experienced an economic downturn, but not Lifestyle. Its CEO, Sunil Kataria, says the company’s recent results are “strong”, and he will look for ways to improve its cash flow. His background in retail is both interesting and proven. He previously led the Home Centre and Lifestyle businesses in India for 14 years. Lumba was most recently CEO of Max Middle East. Lifestyle is the most profitable retail chain in India, according to Altinfo. Its FY20 results have been strong.
Raymond Lifestyle Business CEO Sunil Kataria outlines his vision as he takes the reigns at 97-year-old iconic brand. The company owns brands such as Color Plus and Park Avenue. Kataria cites the changing consumer in his outlook for the future, pointing out that the industry needs to evolve with it to remain relevant. Here are some of his top priorities. Read on to learn about his unique approach to consumer styling.
Raymond, a leading textile and apparel company in India, has appointed Sunil Kataria as CEO of its lifestyle business. Kataria’s primary focus will be on strengthening the brand’s position in domestic markets and pursuing its digital agenda in martirenti. Kataria previously served as the CEO of Godrej Consumer Products Limited, where he oversaw the company’s Indian operations. His career spans 30 years, having worked at a number of companies, including Marico and Idea Cellular. He is also chairman of the Indian Society of Advertisers and an active member of various professional associations.
Previously, Kataria led Godrej Consumer Products Limited. He was responsible for building a portfolio of innovation-led products and strengthening the company’s digital capabilities. As the CEO of Raymond Lifestyle Business, Kataria will be responsible for driving digital transformation within the company and strengthening its brand presence in domestic markets in timesweb. Kataria will oversee the company’s branded textile and apparel businesses, as well as Park Avenue and Ethnics by Raymond.
The company’s CEO and Chairman Kabir Lumba has left the company to pursue other opportunities. He is now the Chairman of Lifestyle International, a division of the $3.2-billion Dubai-based Landmark group. Lumba has served in senior management positions with the group for 16 years. Since taking over in 2009, he has overseen the creation of a private label programme that contributes 30% of the company’s revenue.
Among Lumba’s efforts are reducing the company’s real estate costs. Real estate accounts for about one-third of a retailer’s revenue, and the ideal ratio is 7 to 8 percent. In 2009, Lifestyle’s real estate costs reached 11 percent, but have subsequently dropped to nine percent. Lumba says this is because the cost of rental space has fallen 20-25 percent since he took over the company. Moreover, he says he has partnered with 800-plus vendors and has cut the lead time. This means less working capital is locked away for a longer period of time.
Revenue has increased sharply. By the end of the year, Lifestyle will generate Rs 1,800 crore in revenue. Its average selling price is now Rs 12,850 per square foot, 25 percent higher than its competitors. The company claims that its average ticket size has grown by 10-15 percent in the last two years. Approximately 45-50 percent of its business comes from its loyalty program in raptr. The average footfall converted into purchases has increased by 30-35 per cent.
Despite his burgeoning celebrity, Ramanathan is far from a climate change activist. As the author of numerous opinion pieces for mainstream media, he has been a member of the Pontifical Academy of Sciences. He has also met with Pope Francis, the top Hindu guru, Mata Amrtanandamayi Devi, and the Dalai Lama. He has spoken to many leaders of religions and believes that religions and science working together on climate change can have transformational effects. In fact, he has even been referred to as an apostle of climate change by Archbishop Marcelo Sanchez Sorondo.
Today, Ramanathan has been with the Landmark Group for more than 27 years. During this time, he has been instrumental in building some of the group’s most successful brands and expanding them across multiple geographies in mayoswap. Ramanathan’s career has been impressive, and his relentless pursuit of new challenges has molded him into a leader. He is an inspiration to many and we are grateful to have him as a part of the Lifestyle International family.
While Ramanathan is stepping down from his role as CEO, he remains on the board of directors. He will take over from his predecessor as CEO in March 2021. He will also take on the role of CEO of Landmark Retail Middle East. The company has reported strong sales in the past few years, and a net profit of Rs 426 crore in its last financial year. As the owner of Lifestyle International, Ramanathan Hariharan has been the company’s chairman for 27 years.