US footwear firm Crocs to expand business in Indian market1 min read . Updated: 14 Jan 2010, 04:17 PM IST
US footwear firm Crocs to expand business in Indian market
New Delhi: US-based premium footwear brand Crocs Inc on Thursday said it will expand its India business by more than doubling the number of exclusive stores in the country this year.
The company, which entered the India market in 2007 under a joint venture with Chogori Footwear, also said it is looking to increase its presence in the multi-branded outlets with an eye to tap the market in Tier II cities, besides foraying into mid-priced segment.
“We are going to scale up our India operations in 2010 and our plan is to end the year with up to 25 exclusive outlets, up from 11 now," Crocs vice president (South Asia) Mike Debell said.
He, however, refused to divulge the company’s investment plans, but said its new stores will be mainly in metros and Tier I cities.
“We will look at places like Delhi NCR, Mumbai, Bangalore and Pune for our chain. Exclusive outlets offer us a chance to make our brand familiar as well as display our entire range," Debell added.
The $825 million footwear maker is also present in around 250 large format and multi-branded stores across India, including Metro, Lifestyle and Planet Sports.
“This year we will enter another 100 multi-branded points of sale. This will be to mostly tap the market in Tier II cities where exclusive outlets are not viable," he said.
Debell added that Crocs will also launch its medium priced (around Rs1,000) range of products in February to cater to the mass segment. Its existing range for men, women and kids is priced at Rs1,500-3,500.
The company is has over 450 stores across 36 countries