Kanpur-based Mirza Tanners Limited (MTL) was eyeing market opportunities in Europe and USA after establishing a foothold in the United Kingdom. | |
| MTL was looking closely at demand in the lucrative and fashion conscious French market in particular. It recently bagged an offshoring order from Cleons worth $10 million to be executed over a period of 18 months. |
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| MTL was in the process of forming an associate company in France in alliance with a French manufacturer with established distribution network. This would improve market access. |
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| MTL's business was segmented into two groups, dealing with upholstery leather and finished footwear. |
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| MTL was primarily an exporter of finished shoes. Its brands included Red Tape and Oaktrak for mens shoes both locally and internationally. |
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| MTL derived 80 per cent of its revenue from exports of men's finished shoes as an offshoring partner to overseas distributors. |
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| Over 70 per cent of exports were to the UK. Of this, 22 per cent was sold under its own brand. |
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| MTL claimed it had close to 15 per cent marketshare in the UK in the mid-segment of male leather shoe section. |
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| MTL recently laucnhed its ladies formal shoes. Its products were exported to South Africa, Australia, New Zealand and Canada as well. |
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| MTL had bagged a Rs 200 million order from a German company in August as part of a strategy to reduce dependence on a single market model. MTL was executing an outsourcing order for a major USA-based brand as well. |
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| In the first quarter of this fiscal, MTL's turnover was Rs 48.41 crore, up 31 per cent year on year. |
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| It would soon be taking up construction of a new factory for upholstery leather. In the footwear segment, it was looking to double its turnover in the current fiscal under its Red Tape brand. |
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