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Clarks India on the verge of major expansion
August 28, 2014
Clarks Future Footwear Ltd, a joint venture of C&J Clark International, a major UK-based footwear brand, and Future Lifestyle Fashions Ltd. (part of Future Group) plans to double the number of its India stores to 100 over the course of the next two years. The expansion takes place as Indian consumers’ demand for premium footwear brands has grown sharply.
Clarks will expand in the country using its established retail store format, using a selling area of approximately 90 sqm (1,000 sq ft). Taking account of this expansion, the joint venture’s revenue has been forecasted to reach USD 33.4 million in fiscal 2014.
Significantly, as Clarks expands in India, it sources most of its footwear from Vietnam and China. One reason for this is India’s currently high tax rates: only a third of all shoes sold by Clarks in India are locally manufactured. Clarks emphasized that having lower taxes would help increase production in India. However, another key reason is the growing expertise in producing premium footwear in Vietnam, which boasts factories that can now manufacture artisan and luxury shoes for a variety of brands.
Meanwhile, Clarks is also expanding its line of accessories to include handbags, shoe care products, bags, wallets and belts. It is also moving to sell its products online – through its own website, as well as major e-commerce sites such as Amazon.
Clarks Future Footwear Ltd was incorporated in 2010 and is based in Gurgaon, India.