Textile firm Arvind entered the footwear segment a year ago with existing partners like Arrow, Tommy Hilfiger and Calvin Klein. And to head the new division, it has also hired former managing director of Puma, Rajiv Mehta.
Earlier, American brand Cole Haan was owned by Nike but now it is controlled by Apaz partners. It specialises in casual and dress leather shoes. On the other hand, Heatwave is a Singapore-based brand which is known for comfortable as well as high-heeled footwear. Working women are the main target audience of Heatwave.
It is expected that both the brands will set up their first stores by May. As the market for women office wear has limited offerings, Heatwave being high in fashion and easy on pocket is might make an importance place for itself. It will be priced at Rs 2,000 – Rs 4,300 and its main competitors will be Clarks and Charles & Keith. In the next five, the company is targeting a revenue of Rs 130 crore from both the brands.
Increasing income levels, higher disposable income and rising discretionary spending are the factors responsible for aggressive expansion by the premium brands in the same segment.