Footwear maker Liberty Shoes on Wednesday announced its foray into lifestyle retail and unveiled its new business venture, Liberty Lifestyle.

Liberty Lifestyle has introduced its first range of perfumes, commencing its entry into fast-growing fragrances segment, the company said in a statement.

"The fragrance segment currently occupies 5% share of the total lifestyle market in India giving us a huge window for growth. We aim to establish the brand as the most preferred and recognised luxury perfume brands by 2020," said Liberty Shoes CEO Adesh Kumar Gupta.

The company aspires to compete with mass-market players in the segment.

"We are hoping to get a tremendous response from the millennial and are targeting sales of over 2 lakh bottles by the end of next year," he added.

Its EDP (Eau de Parfum) collection consists of twelve fragrances.

In addition to this, the brand will also offer an aftershave for men.