Expected to double store base and to launch accessories.
The US-based footwear brand, Crocs, is expected to double the number of its exclusive stores in India this year, along with plans to enter into licensing agreements for accessories, which will be launched shortly.
Moreover, the company also plans to grow its presence in the multi-brand outlets with an eye to tap the small town market. It is present across 250 large formats and multi-brand stores in the country, including Metro, Lifestyle and Planet Sports.
According to Florent Andre Bailly, Crocs Vice-President for India, West Asia and Africa, the company has 21 exclusive stores at present, which it plans to take to 40 by the end of 2012. Though the investment plans have not been divulged yet, it has been revealed that the new stores will come up mainly in the metros and the firm would strengthen its distribution network to focus on the smaller markets.
Crocs plans to have a distributor in each state, since, according to Bailly, there is tremendous potential for growth in India. The company has been growing very fast since its entry into India and is nearly doubling year-on-year. With the commencement of the next phase, however, the company plans to go slow.
The company also plans to enter into a licensing agreement to extend beyond footwear in India. It is in talks with domestic players to launch accessories under the 'Crocs' brand name. The brand is likely to come up within six months from now, but the focus of the company will remain on footwear.