Liberty Shoes eyes 30% year-on-year growth this financial year
In the 2023 financial year, footwear business Liberty Shoes expects to see a 30% increase in business to reach an annual revenue total of Rs 675 crore. The business plans to achieve this growth through focusing on product development, youth-centred designs, and brick-and-mortar expansion.
“As statistically proven, athleisure as a category is rapidly growing in the Indian market ,” said Liberty Shoes’ retail director Anupam Bansal, ET Bureau reported. “In coming years, we are eyeing to become India’s most trusted sports/ athleisure brand.”
Liberty Shoes reported a revenue from operations total of Rs 487.82 crore in the 2022 financial year. As Tier 2 and 3 shoppers increasingly demand branded footwear, the brand plans to open around 100 stores in Tier 2 and 3 cities in 2023 and strengthen its distribution across multi-brand stores in non-metro locations.
“Inflation has worked out as a double-edged sword because it is taking a lot of share of wallet into essentials,” said Bansal. However, Liberty Shoes has found that its customers are willing to pay a little more to purchase a product they trust and feel is good quality.
Liberty Shoes has plans to expand internationally but first wants to focus on fulfilling the demand it sees in the Indian market, according to Bansal. Indian footwear is generally priced much cheaper in the retail market than in many other countries, which could make exports profitable, and is something the brand is looking to increase in future.
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