Footwear firm Liberty Shoes is looking at opening about 50 stores over the next one year as part of expansion plans and targeting annual revenue of Rs 1,000 crore by 2020.
The company, which has about 12 sub-brands in its portfolio, is planning to introduce some new varieties in footwear products and mulling stepping up its retail presence.
The company's current annual revenue stands at about Rs 600 crore. Besides, Liberty Shoes is also betting big on the accessories segment it entered recently, which includes shoe care, foot care and leather bags.
Liberty Shoes Managing Director Anupam Bansal said “We will be opening about 50 stores in the next one year and expansion into multi-brand outlets is an ongoing process which happens every year. We expect the accessories segment to contribute at least 10 per cent of the overall business, which currently is at 4-5 per cent. Company has done the test marketing and the products are present in about 200 outlets.”
With regard to accessories, Bansal said the Liberty, the second largest shoe manufacturing company in the country after Bata, sells its products at 400 exclusive stores and through more than 5,000 multi-brand outlets.