Will tap men’s footwear market, which is set grow at CAGR of 10% by 2020, says Jyoti Narula
Brogues, oxfords, monk straps, derbies, moccasins, loafers, sneakers and high tops, wondering what these are? Well, these aren't a variety of shoes for men.
Former co-founder of Satya Paul, Jyoti Mohan Narula has started a journey so that men can actually be known by the shoes they wear.
Launching his men’s footwear brand Joe Shu in Delhi, Narula plans to open 20 plus stores pan India in the next 5 years, including metros and tier 2 cities.
Narula spoke to Moneycontrol on catering to the Indian men’s footwear market that is expected to grow at a CAGR of upwards of 10% by 2020.
Q: After spearheading so many top fashion brands why did you think of starting a men’s shoe line?
A: Joe Shu as a brand proudly showcases brilliant craftsmanship, fine materials, and intricate details in its collection of premium men's shoes. With a deep-rooted desire to make international trends accessible to the Indian audience, we bring an array of premium products combining style and comfort from across Europe. The brand aims to raise awareness of the latest footwear trends and bring out the distinctive style of a man.
I wanted to start a line of men’s shoes right from my Genesis Color days, but I could not manage due to paucity of time. I saw that there is an unorganized market in India for men’s footwear in specific. It was then last year that I founded JOE SHU with the primary focus on providing the discerning Indian male with an option of elegantly stylized shoes with impeccable quality. There is high potential in this segment with consumers’ growing awareness on international trends and lifestyle. Men are increasingly becoming fashion-forward and there is a notable demand of quality products from cities across the country including Tier II & III markets.
Q: A man as they say is often known by the shoes he wears -- how much are men ready to spend on his shoes today? What is the average purchase size in the segment you cater to?
A: Today, the men’s footwear market can be seen in the light of optimism. An upsurge in the men’s footwear and accessories market has been observed in recent years with high internet penetration and exposure to global fashion trends. Urban men in India are now experimental and are moving beyond the conventional trends. They are open to explore diverse style options including footwear trends. The market has a wide variety of shoes for men today ranging from formal to casual styles like brogues, oxfords, monk straps, derbies, moccasins, loafers, sneakers and high tops.
The scenario is changing notably, especially in metro cities due to increase in consumer spending patterns and awareness of latest trends. Shoes are a major component in creating any look and men are becoming more comfortable in spending a significant amount towards accessories and footwear.
Joe Shu can be found in the tier I and II cities primarily, and the average purchasing size is near about Rs 8,000 to Rs 10,000 a pair.
Q: What is the market size of men’s shoes in the country? Does it exceed the size of the women’s shoe market?
A: Today, India has evolved to become the second largest footwear manufacturing country in the world, right after China. The men’s footwear market in the country is emerging both in terms of consumption and production. Indian men’s footwear market accounts for nearly 58 per cent of the total Indian footwear retail market. Non-leather footwear accounts for 1.23 billion pairs, or 56 per cent of the footwear market in India. The factors contributing to the same are the rise in purchasing power, increase in disposable income coupled with the increasing awareness of international fashion trends and changing lifestyle.
The organised segment caters to about one-third of the market while unorganised players fetch the remaining 70-75 percent market which is one of the biggest challenges here. Women’s footwear constitutes only a 30 percent market share currently but the growth rate is double than that of the men’s segment. The Indian men’s footwear market is projected to grow at a CAGR of upwards of 10 per cent by 2020 which given the size of the market is significant.
Q: Tell us about your collection. Do you have customised shoes?
A: Our collection is ingrained in the concept of “bridge to luxury” which revolves around the principles of styling, quality, elegance, and comfort at a price that does not break the bank. We focus on bringing genuine and quality international products designed and made in Europe at an affordable price range.
The offerings are from Italy, Spain and Portugal specially designed for the modern discerning Indian men. We focus on bringing genuine and quality international products designed and made in Europe at an affordable price range. Our shoes can be found in varying tones of reds, blues, browns, oranges and tans for the fashion connoisseurs.
With a deep-rooted desire to make international trends accessible to the Indian audience, we bring an array of premium products combining style and comfort. The collection comprises of formals, brogues, oxfords, lace ups, moccasins and semi-formals. Each pair of shoes is handpicked, carefully crafted with premium leather and superior quality of metal accessories. We don't customize as such, but each pair of our shoes have been crafted in impeccable design with utmost attention to details.
Q: What are the expansion plans for the brand? (Both online and offline)
A: Currently, we have a retail outlet at The DLF Promenade Mall in Vasant Kunj, New Delhi which is one of the premium lifestyle destinations. We plan to open another two stores in Delhi NCR followed by one each in Mumbai and Bangalore in the coming calendar year. Additionally, we plan to open 20 plus stores pan India in next five years in metros as well as tier 2 cities.
We have a strong online presence through our website supported by presence in market places such as Amazon Fashion and Myntra. This will be bolstered by further strategic partnerships which will help us reach various markets across India.