Vasanth Kumar will step down from his position as Managing Director of Lifestyle International Pvt Ltd in June. The company will soon announce his successor.
Kumar has been associated with Lifestyle, part of the Dubai-based Landmark Group, for the past 15 years. He has spearheaded and established several brands under the Lifestyle portfolio including Max and Easybuy, said H Ramanathan, Chairman of the Board – India, Landmark.
“In the past two years, he has driven the consolidation and growth of Lifestyle and Home Centre significantly,” Ramanathan added. “We immensely value his contribution and will continue to draw support from his vast industry knowledge and expertise.”
“In due course, we shall announce the successor to this position,” he said.
“I had to take this decision to rebalance my personal commitments and professional aspirations,” said Kumar. “I am thankful to the board for allowing me to do so. I shall continue to support Landmark Group in ensuring a seamless transition and continued growth.”
Speaking to BusinessLine last September, Kumar had said the ₹4,000-crore fashion retailer would be eyeing ‘single-digit growth’ this fiscal as same-store growth had been ‘flat’ but it was expected to pick up over the next few months.
Lifestyle commenced its operations in India in 1999 with the first Lifestyle Store in Chennai. The company’s various brands have more than 400 stores in over 130 cities.