Sunday, 22 September 2013

Foreign footwear brands establish presence in India

As per a recent Assocham report, the 35 billion dollars (Rs 2,22,810 crores) Indian footwear industry has become an attractive destination for many global players. Growing at a CAGR of 15 percent, the industry is likely to touch the 60 billion dollars (Rs 3,81,960 crores) mark by 2015. While international brands largely dominate the higher end of the spectrum, the lower end is dominated by home-grown and unorganised players.

With Indian consumers in metros and Tier II, III towns becoming fashion and brand conscious and the Indian government opening up 100 percent foreign investment in single brand retail, many global apparel and footwear majors are entering the country. A rise in spending power has also created demand for high-end footwear labels.

Global brands like Crocs, Skechers, Egle, Louis Alberti among others are planning to expand their reach in the country by bringing in more styles. Even online shopping portals, that provide size measurements has made footwear buying easy for customers. Online footwear shopping currently accounts for about 8 percent of the overall industry and is expected to touch nearly 20 percent by 2015. Brands such as Steve Madden, Lotto, Hush Puppies and Puma have gone through the licensing route, whereas other labels like Pavers England, Gucci, Reebok and Adidas have formed joint venture partnerships with Indian partners. All labels available in India are planning to add MBOs, EBOs or large formats for retail expansion.
http://www.fashionunited.in/news/apparel/foreign-footwear-brands-establish-presence-in-india-190920136051

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