Reliance Brands has drawn up plans for expansion of global shoe brand Steve Madden in India.
“The brand is doing well. We have decided to add 10 more stores by 2016-17,” Steve Madden India business head Somdeb Basu said.
Reliance Brands has marketing right for the US-listed shoe brand in India and operates some 15 stores across nine cities — Delhi, Chandigarh, Ludhiana, Bangalore, Pune, Hyderabad, Mumbai, Pune and Kolkata.
Pointing out that some new cities would be covered during this expansion drive, Mr. Basu said, “We would like to have stores at Bhubaneswar, Guwahati, Cochin, Coimbatore among the growing cities.”
Mr. Basu said Reliance Brands markets several global brands in India like Diesel, Superdry, Hamleys, Ermenegildo Zegna, Marks and Spencer, Paul & Shark, Thomas Pink, Kenneth Cole, Brooks Brothers, Payless Shoesource and Grand Vision.
Almost 90 per cent of Steve Madden products sold in India are imported globally from different manufacturing bases, depending on designs and styles.
Import duty on the shoes varies between 60 and 90 per cent, putting a huge cost pressure on the brand in India.
“We may consider to undertake manufacturing of shoes once we have a sizable scale of market and after the expansion of new stores, the option will be evaluated,” Mr. Basu said.
Meanwhile, Steve Madden India is working on how to make online shoe buying more interactive and making the portal more intelligent.
The brand is available on all major e-tailers and Steve Madden India website for online sales that accounts for nearly 10 per cent of the total pairs it sells.
