|
Monday, 02 May 2011 |
Future Group has joined hands with the UK-based footwear maker Clarks. They have formed
a joint venture to set up retail outlets in the country. The first Clarks Future footwear store has opened in Delhi and there will be at least 100 such stores in the next five years. The initial plan for the JV is to open 50 stores in the next two years with revenue of up to Rs 250 crores. Besides exclusive outlets, Clarks would also be sold at other retail stores like Metro Shoes, Landmark Group outlets and Central.
According to the head of international business development Andrew Martland, Clarks expects India to be one of top five markets in the next five years. The company also has a plan to increase sourcing from India to cater to global markets. Clarks has been present in India in the past through distributors but the JV has been set up as a part of a more focused strategy to address the market demand. The company also has a plan to increase sourcing from India to cater to global markets. Currently it sources about 2.5 million pairs of shoes annually from India and intends to double that in the next three years.
Clarks registered a total turnover of $1.4 billion in 2010. The UK is the top market for the brand followed by the US, Japan, Malaysia, Singapore, Europe and China. Future Group, led by its founder and Group CEO, Kishore Biyani, is one of India’s leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. |
