Liberty Footwear to open 100 stores every year, targets revenue of Rs 1,000 crore by 2022
Indian footwear maker Liberty Shoes Ltd will be expanding its retail presence and product portfolio over the next three years as it looks to double its revenue to Rs 1,000 crore ($142.5 million) by 2022.
The company is betting big on tier 2, 3 cities for growth in the Indian market and plans to add 100 stores every year to strengthen its retail presence there.
Along with its retail expansion, the footwear maker will also be launching new brands this year to cater to a wider audience.
"We want to reach a turnover of Rs 1,000 crore by 2022. The growth will come from three areas - retail, distribution and institutional sales. Retail will always be the biggest contributor to revenue but distribution and B2B have a much higher growth parameter," Anupam Bansal, managing director at Liberty Retail told Businesstoday.
"We will be opening about 100 stores in tier 2 and tier 3 cities every year and strengthening the distribution for a wider reach in multi-brand stores," he added.
Liberty had reported sales revenue of Rs 551 crore in the financial year 2018. The company’s sales for the third quarter were Rs 145 crore.
Liberty Shoes currently has a total of 400 flagship stores across India and is present in over 5,000 multi-brand outlets and also retails from its own e-commerce store.
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