Liberty Shoes to strengthen presence in northern, central Indian markets
India’s leading footwear maker Liberty Shoes Ltd is looking to strengthen its presence in the northern and central Indian markets this year.
The company plans to open new stores during this financial year in tier 2, 3 cities across the country. However, in the wake of the Covid-19 pandemic, which has led to a total lockdown in the country, Liberty has decided to take the wait and watch strategy.
“The company aims to add 50-100 stores every year, primarily in tier 2 and tier 3 towns. Our focus is more on the Hindi-speaking belt because we would like to strengthen our core market before expanding into newer cities,” Anupam Bansal, director-retail of Liberty Shoes, told BusinessLine.
“While the growth in the first half of this fiscal was lower at around 8-10 percent, however, the festive months of November and December were quite good and we were clocking close to 20 percent growth in the second half,” he added.
Liberty Shoes had reported a net profit of Rs 9 crore ($1.2 million) for the 9 months ended December 31, 2019, with net sales of Rs 452 crore.
Liberty Shoes currently has a total of 400 flagship stores across India and is present in over 5,000 multi-brand outlets. It also retails from its e-commerce store.
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