Future Group bets big on footwear, expects Rs 2,500 crore by 2019
Future Group is banking on its footwear category for future growth and expects the category to be the highest contributor to the company’s revenue in the coming year.
The footwear category currently contributes around 11 percent to the company’s total revenue which is around Rs 1,600 crore (approx $224.2 million) and expects it to jump to 18 percent by the end of the next fiscal to Rs 2,500 crore.
“In another one year, footwear will be the biggest (category) together with Skechers, Clarks, Converse, Lee Cooper, and others. At present footwear contributes 10-11% to revenue of the group, which the company wants to increase to 18%. We are expecting the share of footwear to increase from Rs 1,600 crore to Rs 2,500 crore by next year and we aim to be the number one footwear retailer in the country very soon,” Group CEO Kishore Biyani was quoted as saying by the Economic Times.
The country’s largest retailer is betting big on the footwear segment and sees huge potential for growth especially in the men’s footwear category.
“Footwear is the biggest story for us. Women have a minimum of 20 pairs of footwear on an average, men are moving towards owning 20 pairs. In men’s, the category spent is now moving towards footwear and there is huge scope for growth,” he added.
Future Group has brand partnerships with footwear brands like Koovs, Lee Cooper, Clarks, Converse among others and claims to be the number two footwear retailer in India.
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