01 October 2022, Mumbai:
Liberty Shoes expects a 30 percent year-on-year growth in business this fiscal. The footwear retailer’s growth this year stood at eight percent. Liberty will keep its focus on product development, youthful designs, manufacturing, marketing strategies, and opening stores to grow.
To maintain the growth trajectory, the company is implementing impactful business strategies, across all its distribution channels. Currently, Liberty has 450 outlets in India, primarily in Uttar Pradesh, Bihar, and Jharkhand.
It has around 200 company-owned and company-operated footwear stores and 250 franchise-operated stores. It plans to open about 100 stores in tier II and tier III cities in 2023 and strengthen the distribution for a wider reach in multi-brand stores. It also expects to see an increase in exports.
The company plans to focus on the athleisure segment with an introduction of an athleisure-centric line and it has also recently tied up with celebrities Ayushmann Khurrana and Rakul Preet Singh. The footwear retailer has manufacturing units in Haryana and Uttarakhand.
This fiscal, consumers are upbeat about products and focused on branded footwear, sustainable products, and quality. Several leading global fashion and lifestyle brands have started betting big on small cities in India. Nearly a third of future consumption in footwear is expected to come from aspirational consumers in these markets.