Footwear manufacturer and retailer Vi-Ga has announced its foray into overseas market. Talking to IndiaRetailing, Vinayak Mahtani, CEO, Vi-Ga, has disclosed that the company will make its maiden entry abroad with first store in Kathmandu. The store to be operational in the capital city of Nepal this February, will spread across a retail space of 3,000 square feet, informed Mahtani. Meanwhile, he did not disclose the amount of investment for the store.
With 10 stores of Vi-Ga operational in north India including Delhi, NCR and Lucknow, the new outlet in Kathmandu will be based on franchisee model in partnership with the local players.
Meanwhile, the company also eyes further to fledge its muscles abroad. “We are talking with companies in Middle East and in gulf region. Earlier, we planned to get it done by this year-end. Unfortunately we could not as the regions are among the major victims of global crisis. However, we are hopeful of our foray in these markets soon,” shares Mahtani.
Moreover, for the Noida-based footwear retailer – having foothold restricted prominently to north India – it looks quite early to move abroad before it could strengthen its presence in its unexplored rest of India market. “In India, real-estate rentals have hardly gone down. Good properties are still charging heavy prices today. When looked at overseas market like Nepal, besides rental being cheaper there, the market do has huge potential which ultimately gives us an opportunity to explore it,” reasons out Mahtani.
— Shailesh Shah