Bata targets 100 Footin' stores
Targets young adults with the new brand; to invest Rs 45 crores.May 31, 2012 | comments ( 2 ) |
One of India’s leading footwear brand, Bata is all set to target the young adults with its new retail format and brand Footin’. The new brand will offer affordable fashion footwear and accessories. Bata plans to open 100 Footin stores by 2015 at an investment of about 45 crore. "We currently have four Footin stores under trial stage. The response is encouraging with sales of 700-800 pairs on a weekly basis," Rajeev Gopalakrishnan, Managing Director, Bata said.
The Footin’ stores on an average will be spread over an area of 1000 sq ft and will offer products priced between Rs 399 – Rs 599. The stores will have youthful design to cater to special kind of audience.
The new retail format will target consumers in the age group of 15-25 who are one of the largest buyers of fashion shoes and accessories. The company also plans to set up 130-140 new Bata stores this year. Bata India currently operates 1,250 retail stores across India.
Bata also plans to complete its store relocation exercise. "We have seen relocation of stores to larger format increases sales three times," Gopalakrishnan said.
Further to enhance is manufacturing capacity, Bata India plans to invest 45 crore over the next three years in capacity expansion and modernisation. The company is also moving towards contract manufacturing, particularly for stylish products. Bata said almost 50per cent of its production in India will be contract manufactured.
For the financial year 2011-12, the company has achieved Rs 1,542 crores turnover and a Net Profit of over Rs 226 crores.
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