Pavers England to make foray in Indian footwear retailNovember 4th, 2008 - 8:14 pm ICT by IANS
New Delhi, Nov 4 (IANS) Pavers England Footprints Ltd, one of India’s leading footwear exporters, Tuesday announced its entry into the retail segment with an investment of $10 million. The company is a joint venture between Britain-based $60 million Pavers Foresight Smart Ventures and India’s $50 million Forward Group.
“We see a great potential in the Indian footwear retailing business and hope to usher in a new experience for the Indian consumer. We propose a 1,000-store ramp-up over the next five years and will be investing over $10 million in the next two years,” Pavers England Footprints chairman Stuart Pavers said.
The investment will go towards developing a modern retail channel backed by a global network of product sourcing and development, he said.
Pavers England Footprints will also have access to Pavers research and development facilities in India, China and Brazil.
Commenting on the Indian experience, the company’s managing director Yavar Dhala said the brand, which was soft-launched in April through Reliance Footwear, is now available at Central, Loft and a host of independent multibrand retailers across India.
“The brand has been well received and surpassed our sales expectations in the first six months with repeat customers who have bought into the European Comfort brand at value pricing,” he added.
The product price ranges from Rs.899 to Rs.4,999 for women and Rs.1,899 to Rs.7,999 for men have been welcomed by the trade and consumer alike.