Kolkata: Footwear major Khadim India Ltd is looking at premiumization of its sub-brands, which have surpassed the parent brand in terms of revenue, to boost growth and margins.

The nine sub-brands of Khadim, including British Walkers, Lazard, Cleo, Sharon and Softouch clocked sales of Rs256 crore out of the Rs456-crore retail revenue as of 31 March, 2017.

“We are undergoing premiumization with our sub-brands for consumers aspiring to move up from mass segment to affordable fashion. However, we will restrict our sub-brands to the tier-II cities," Khadim India CFO Ishani Ray told PTI.

The Khadim brand alone will cater to the tier-III cities, with most products priced below Rs500, she said. Products of the city-based company’s sub-brands will be capped at Rs3,500. Khadim has 150 stores in metros and mini-metros, 109 in tier-I cities, 124 in tier-II and 446 in tier-III towns.

According to CMD Siddhartha Roy Burman, the footwear maker will continue focusing on retail, distribution and manufacturing through the asset-light model. Khadim will issue its maiden Rs543-crore IPO on 2 November, primarily to allow exit by PE investor Fairwinds, which currently holds 34% stake in the company after investing Rs90 crore in 2013. The IPO in the price band of Rs745-750 a share of Rs10 each is valued at Price Earning (PE) multiple of 43.7 times of FY17 earnings.