Footwear is biggest story for us: Biyani
Footwear is the new focus for Kishore Biyani’s Future Group. The country’s largest retailer is looking at increasing the contribution of footwear to its revenue to Rs 2500 crore by next year from the current Rs 1600 crore for the group.
“In another one year, footwear will be the biggest (category) together with Skechers, Clarks, Converse, Lee Cooper and others,” Group CEO Kishore Biyani said. At present footwear contributes 10-11% to revenue of the group, which the company wants to increase to 18%, Biyani added. Future Group has various partnerships with global brands like Skechers and Clarks among others.
Elaborating on the trend he said that while women have a minimum of 20 pairs of footwear on an average, men are moving towards owning 20 pairs. “Footwear is the biggest story for us,” he added.
Biyani is especially bullish on the men’s footwear category where he said huge scope for growth in India. “In men’s, the category spent is now moving towards footwear,” he said talking to reporters in New Delhi’s Ambience Mall where the group on Friday re-launched a upgraded version of the Central department store.
Biyani has created an offline retail model that combines food and non-food profitably. Its strengths are apparel, general merchandise, luggage and footwear. In the past six years, Biyani has acquired more than seven supermarket store chains to put together a total retail space of 14.8 million sq ft with a presence in 340 cities.