No spring in their step as value segment trips up footwear companies

Thin-soled growth: Relaxo struggles to stay on its feet as footwear stocks lose their stride

Footwear companies were among the weakest performers in the consumer discretionary sector during the October-December quarter (Q3) of 2024-25. The combined revenue growth of the top four listed firms was just 2.9 per cent year-on-year (Y-o-Y) — the lowest among major discretionary categories.

 

Relaxo Footwears was the biggest drag on overall performance. With sluggish growth in Q3 and recent quarters, most large footwear stocks have delivered negative returns over the past month and year.

 

The sector struggled on both revenue and margin fronts. Analysts Soham Samanta and Ritik Bansal of Centrum Institutional Research noted, “In Q3, the footwear industry faced