Liberty Shoes to open 50 new stores, eyes Rs 1,000 crore revenue by 2020
Indian footwear maker Liberty Shoes Ltd will expand its retail presence be adding 50 new stores across the country with an aim to generate annual revenue of Rs 1,000 crore by 2020.
Liberty’s new stores will open mainly in tier 2, 3 cities as it looks beyond the metros to widen its customer base and boost sales in these cities for future growth.
“Liberty Shoes is looking at opening about 50 stores over the next year as part of expansion plans and targeting annual revenue of Rs 1,000 crore by 2020. The company’s current annual revenue stands at about Rs 800 crore,” Raman Bansal, executive director and chief operating officer at Liberty Shoes Ltd, said at the 68th national channel meet of the company, APN News reported.
“As a business strategy, Liberty shoes have identified around 250 cities in India for retail expansion through franchising over next 4 – 5 years. Liberty Shoes is a mass brand and we need to strengthen our presence beyond top towns. These 250 cities are essentially tier 2 and tier 3 cities where we would want to be accessible to consumers,” he added.
The company will also be scaling up its product portfolio and launch new products in the coming months. Liberty Shoes recently launched a new brand LFO under which it will sell a range of leather and non-leather accessories.
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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