Liberty Shoes to optimise prices, reduce costs for growth
Footwear brand Liberty Shoes plans to optimise its pricing and reduce costs to enable it to cater to customer demands and maintain its product margins. The business expects to see an uptick in sales in line with the rising consumer demand for branded footwear.
“We are taking baby steps to bring relevance for consumers to balance growth and profitability for the company,” said Liberty Shoes’ director Anupam Bansal in an interview with ET Retail. As part of its growth balancing approach, the brand reduced the number of stores it planed to open by the end of the third quarter of the 2023 financial year from 50 to 40. The brand is now focusing on finding optimum locations in which to open stores and franchising activities.
Liberty Shoes saw its net profit drop from Rs 4.99 crore in the third quarter of the 2022 financial year to Rs 1.85 crore in the third quarter of the 2023 fiscal, ET Bureau reported, citing its filings on the Bombay Stock Exchange. One reason for this is that Liberty Shoes faced increased expenses during the recent financial quarter and spent more on marketing which it is confident will have a long-term positive effect.
The business plans to focus on three key product categories for growth: summer footwear, school shoes, and its athleisure offering. Liberty Shoes will also expand its ‘Leap7x’ brand by incorporating ‘NitPro’ technology and will launch a new product line named ‘EasyGo’.
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