Footwear Retail Market Flourishes |
The Indian retail market for footwear is all set to boom, thanks to the growing understanding of fashion and need of diverse footwear collection among consumers. What more, the brand and channel options are aplenty. |
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Contact Information |
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Manish Garg
4th & 5th floor, Charmwood Plaza, Eros
Faridabad
Haryana - 121009
India
0129-4098800
indianretailer1@gmail.com
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Everyone wants to put their best foot forward, literally. The Indian retail market for footwear is all set to boom with brands offering international designs, new brands making an entry and also with the e-commerce picking up.
The Indian retail market for footwear in India, according to a recent study by ASSOCHAM, is booming. Growing at a compound annual growth rate (CAGR) of about 15 per cent, the Indian footwear industry is likely to reach the Rs 38,000 crore mark by 2015 from the current level of about Rs 22,000 crore, says the report titled ‘Indian Footwear Industry: An Analysis’.
The report further shows that India produces nearly 300 crore pairs of footwear annually, exports over 10 per cent and accounts for about 15 per cent of annual global footwear production, which is over 2,000 crore.
Changing patterns: What majorly attributes to the growth in the market is attributed to an increase in the spending power of the middle class and the rising demand from tier II and III cities as well as the rural markets. Moreover, with so much exposure to international markets and designs, people are becoming fashion conscious and aspire to have the best, without compromising on quality. People are now ready to shell out more for a better quality product.
Additionally, Indian consumers, especially young professionals, tend to update their footwear collection every two to three months and maintain a separate portion of their salary only for shoe shopping.
Physical retail leaders: The retail market for footwear is divided into various segments – formal, semi-formal, casual and sports. Adidas, Bata, Balujas, Converse, Da Milano, Lee Cooper, M&B, Metro, Nike, Provouge, Puma, Reebok, Red Tape and Relaxo are certain well known footwear brands in India.
Brands including Hush Puppies and Dr. Scholl are brands that make shoes targeting the segment with health issues like arthritis and others. Both these brands are available at Bata stores while Hush Puppies also have standalone stores.
Most of these brands have their exclusive outlets and account for about 55 per cent of the footwear market, while multi-brand retail outlets account for about 30 per cent.
Moreover, new brands that have recently entered the footwear retail market are Enroute, Jive and others.
The rage goes online: Apart from brick-and-mortar stores, online shoe shopping is a significant segment that is fast emerging in terms of footwear sale and currently accounts for about eight per cent of the overall industry and is expected to reach about 20 per cent by 2015.
Apart from various e-retailers including fashionandyou.com, myntra.com, jabong.com, yepme.com, bestylish.com and others, brands themselves are launching e-retail sites for their brands. The recent entrants in this arena are Woodland and Puma, offering the latest collections and convenience to its loyal customers.
The road on which Indian footwear industry is travelling only seems to go uphill, as competition grows fierce, brands offer best of designs, with better client servicing facilities and try to create brand loyalty among its customers.
For more information related to this retail market, indian retail please visit: indianretailer.com
For more information, visit: http://www.indianretailer.com/
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| Related Tags: retailer, online retail business, retail business, retail stores, retailer in india, retail market, indian retail, indian retailer |
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