Arvind Group steps into footwear with 'Stride' store
Arvind Group is all set to step into India's $5.2 billion footwear market, currently dominated by players such as Bata, Metro, Mochi and Reliance Footprint, according to a Times of India report.
Rajiv Mehta, CEO of Arvind Sports Lifestyle & Arvind Fashion Brands, said that the company has opened its first store under the brand name of 'Stride' in Bengaluru.
"Compared to the world average growth of 5%, footwear retail in India is growing at a CAGR of 20%," said Mehta.
Mehta said the average cost of setting up a 'Stride' store is around Rs 2,200 per square feet.
"We would like to weigh our options for expansion including rental cost of locations. It would not be prudent to expand fast and then shut stores," he said. "Our expansion strategy would be a mix of company-owned and franchisee stores."
'Stride' will start operations by selling Arvind's in-house footwear brands such as US Polo, Arrow and Flying Machine.
It will also stock premium brands such as Cole Haan, Johnston & Murphy, Heatwave and Bugatti with which Arvind has entered into exclusive licensee agreements.
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