Kabir Lumba is interim CEO of Lifestyle and Home Centre

Bengaluru: Kabir Lumba, CEO – designate and group director of Landmark Group, is the interim chief executive of the country’s biggest department store chain Lifestyle and home furnishing stores Home Centre, the company said in a press statement. This move comes with Rishi Vasudev’s departure as the CEO of the two store chains, exactly a month after the Dubai-based retail group said it is elevating Lumba to the chairman of its board of directors of Lifestyle International.“Rishi Vasudev, CEO of Lifestyle and Home Centre has decided to move on from Lifestyle International Private Limited due to personal reasons. The company will announce his successor in due course. In the interim, Kabir Lumba, CEO – designate and group Director, Landmark Group will be managing the responsibilities, in addition to his current role within the Landmark Group,” stated the company. Vasudev was the former CEO of Calvin Klein in India and had joined Lifestyle in June 2020 from Flipkart where he was heading the fashion vertical. He quit Lifestyle just six months after assuming the role at the India unit of the Dubai retail group. According to an official email to the company’s staff, reviewed by ET, January 11 will be Vasudev’s last working day at Lifestyle but would be on the company’s payroll until end of March.Lumba has led Lifestyle and Home Centre businesses in India for over 14 years before taking over the role of CEO, Max Middle East in 2018 and subsequently the CEO of Landmark Group.According to financials sourced from data insights firm Altinfo, Lifestyle is the most profitable retail chain in the country within the apparel and lifestyle industry with a net profit of Rs 370 crore. The retailer had said it registered strong revenue growth across all its retail formats in the first three quarters of FY20.In November, Lifestyle International had posted 10% sales growth in FY20 to Rs 9239 crore, nearly double than the combined sales of its immediate rivals Shoppers Stop Ltd and Future Lifestyle. Lifestyle, which belongs to Dubai-based businessman Micky Jagtiani, started its operations in India about two decades ago and runs 83 stores of Lifestyle, 331 outlets of value fashion chain Max, 51 Home Centre and 65 stores of private label brand Easy Buy. During the year 2020, it opened about 100 stores.
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