Clarks bets big on India, eyes revenue of Rs 500 crore next year
British shoe company Clarks is betting big on the Indian market for growth for its premium footwear, and is eyeing revenue of Rs 500 crore ($70.4 million) for the next financial year.
Clarks also has massive expansion plans in India and plans to double its retail touchpoints this year. The company sees huge potential for growth in the Indian market, which is the world’s second-largest consumer of footwear.
Clarks had reported revenue of Rs 220 crore from the Indian market in the last financial year and expects to close this year with revenue of Rs 350 crore.
“India is now the second-largest consumer of footwear globally, surpassing the US by 200 million pairs in 2018. Of the top-10 footwear markets, India is the fastest-growing at an annual growth rate of 7.6 per cent in the last three years,” N Mohan, CEO of Clarks India was quoted as saying by Businessline.
“India’s footwear consumption per person increased from 1.7 in 2016 to 2 in 2018. Even one pair increase in per capita consumption of India will lead to 1.2 billion more pairs being consumed,” he added.
“In the last two years, the company focused on increasing its retail presence. Last year, the company’s products were available at nearly 300 retail touchpoints. This year, it will be close to 600 and in three years it will be 1,500. This will help in reaching out to 2.5 million pairs from the present 900,000 pairs,” Mohan added.
Clarks had entered the Indian market in 2012. Apart from its retail touchpoints, the company also sells on all leading e-commerce platforms in India.
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