The UK’s Pavers and Foresight Group is ramping up its presence in the Indian footwear retail market. The partners, who have floated four entities in India under a joint venture (JV) for research and development, retail and manufacturing in the footwear segment, are eying revenues of $20 million over the next three years.
Pavers Foresight Smart Ventures, a 50:50 JV of UK’s footwear retail major Pavers and Foresight Group of the UK, has formed four ventures in India to tap growing opportunities in the footwear segment. These include York Shoes, a research and development arm; Pavers England Fooprint, footwear retail arm; Pavers Fly Flot; an equal JV with Italy-based Fly Flot to make ‘Fly Flot’ brand of footwear; and an equal JV with New Delhi-based premium leather accessories brand Da Milano to retail Staccato premium brand of shoes.
Pavers England Footprint, which has established its presence in 10 cities through 50 outlets across the country since the launch in April 2008 to sell Pavers brand of comfort shoes for men and women, has recently opened its first exclusive franchise store at Chennai airport.
It seeks to open 10 exclusive franchise stores by the end of 2009 with an average store size of 1,000 sq ft, while it also plans to increase the number of multi-brand outlets to 100 by September. Pavers will invest about $10 million to develop a franchise network over next three years.
Pavers England looks to develop a modern retail channel backed by strong network of product development and sourcing. “Pavers is the only international footwear retailer to set up an R&D (research and development) and a retail network in India. We are working on a concept of integrated supply chain business model,” Utsav Seth, chief executive officer, Pavers England Footprints, told Financial Chronicle.
Source: The Financial Chronicle