Footwear

Nordstrom raises lower end of annual sales outlook on uncertain environment

Nordstrom's addition of sought-after brands, along with its focus on digital growth and expanding stores of its off-price brand Rack, has boosted sales ahead of a potentially mixed holiday season

Adidas to Nike: Global footwear majors put best foot forward in Tamil Nadu

State eyes building raw material ecosystem to woo majors like Nike, Adidas, Puma, New Balance, and Reebok

As Nike struggles, Adidas must surf Samba, Gazelle wave with caution

At half-year results on July 31, Adidas CEO Gulden said the brand was still 'chasing demand' from retailers, but, more than a year into the trend, the Samba won't remain the 'it shoe' for much longer

B'desh instability not to impact credit quality of Indian firms: CRISIL

Leading research firm CRISIL Ratings said in its report that the recent political turmoil in neighbouring Bangladesh is unlikely to have any near-term impact on the credit quality of Indian corporates. The report said that there has also been no significant impact on India's trade with Bangladesh going forward, while the effect will vary based on industry specific exposure. It said a prolonged disruption can affect the revenue profiles and working capital cycles of some export-oriented sectors for which Bangladesh is either a demand centre or a production hub. In the financial year 2023-24, total trade with Bangladesh was around USD12,949 million, with Indian exports at USD 11,065 million and imports at USD 1884 million. The report said sectors such as cotton yarn, power, footwear, soft luggage and FMCG could see a negative impact. On the other hand, sectors like shipbreaking, jute, readymade garments would benefit, the report said. India's trade with Bangladesh is relatively low

Consumption to revive in coming qtrs, e-commerce to drive growth: Bata CEO

Terming "sluggish consumption" as "temporary", leading shoemaker Bata expects a revival in coming quarters, helped by festive season demand and retail expansion, according to its India Managing Director and CEO Gunjan Shah. The company expects e-commerce, which is now a "profitable and viable business, to be its growth driver as it has been expanding online sales through its portal and channel partners. Besides, Bata as part of its strategy to attract new generation buyers is also investing in store renovations to become more appealing and trendy and in new relevant products with affordable propositions to increase its play further. Young buyers account for around 40 per cent of its transactions. Moreover, it would also expand its apparel range to 200-plus stores from 70 stores at present. It will also add 13 exclusive outlets of its athleisure Brand Power' to take the total count to 15 by the end of 2024, said Shah. The company is also investing in technology transformation on ...

75% Indians expect higher spending on clothes, footwear in 6 months: Report

74% think their spending on groceries may go up in the next six months

Here's why EU's ecodesign regulation can hurt export of textiles, footwear

EU's ecodesign regulation mandates rigorous energy performance and environmental sustainability, prohibiting the disposal of unsold textiles and footwear, potentially impacting India's export volumes

Plans afoot to organise Kolhapuri chappal trade but it's a slow start

Though the Kolhapuri chappal trade is robust, the industry remains largely unorganised and finds it challenging to meet demand

Bata Q3 results: Net profit falls 30% to Rs 58 cr, revenue at Rs 903 cr

Bata India's consolidated net profit declined by 30 per cent to Rs 58 crore in the December 2023 quarter against Rs 83 crore a year ago. Its revenue from operations was steady at Rs 903 crore despite muted market demand, thanks to growth in premium categories, the shoemaker said in a statement. Overall expenses for the quarter were higher at Rs 836 crore compared to Rs 798 crore in the corresponding period last year. The company in a statement attributed the decline in net margin to significant investments made in brand and technology during the quarter. Bata India expanded its network with 54 net new stores and franchise and COCO expansion, while also renovating 36 stores to enhance the brand experience during the quarter. "Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience, and expanding our reach across channels & markets," Gunjan Shah, MD and CEO of Bata India Limited, said.

Footwear retailer Metro Brands Q3 net profit declines 12.6% to Rs 98.78 cr

Footwear retail chain Metro Brands on Thursday reported a 12.57 per cent decline in consolidated net profit to Rs 98.78 crore for the third quarter ended December 2023. The company had posted a net profit of Rs 112.99 crore during the October-December period a year ago, according to a regulatory filing from Metro Brands Ltd (MBL). However, its revenue from operations increased 6.14 per cent to Rs 635.50 crore during the quarter under review against Rs 598.71 crore in the year-ago period. MBL's total expenses rose 11.77 per cent to Rs 515.53 crore in the December quarter. In a separate filing, MBL said its board in a meeting held on Thursday declared an interim dividend at Rs 2.75 per equity share on the face value of the paid-up equity shares of Rs 5 each for the FY 2023-24. Shares of Metro Brands on Thursday settled at Rs 1,202 on the BSE, down 1.98 per cent from the previous close.

In China+1 plan, Chennai right fit for non-leather footwear majors

Several suppliers of non-leather footwear players like Nike, Adidas, Puma, and Reebok have either set up their units in Tamil Nadu or are close to sealing a deal

Shoe imports ban, sops to help footwear industry hit $90 bn mark: Report

Market size of the Indian footwear industry can increase by over three times to USD 90 billion by 2030 provided a host of measures such as a ban on show imports, fiscal incentives, more design centres and Taiwanese contract manufacturers setting up shops in the country are taken, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that the Indian footwear market, valued at USD 26 billion, is projected to reach USD 90 billion by 2030. "This growth will be characterized by two main changes - a significant increase in the demand for non-leather footwear (like sports shoes, running shoes, casual wear, and sneakers) in India, rising from 25 per cent to 75 per cent of the market share by 2030; and a shift in leather shoe production from small-scale, cottage industries to large corporates," it said. Suggesting eight actions for the sector, the report said shoe-making technology is primitive compared to electronics or semiconductor manufacturing and Ind

Bata steps up to take on global moulded footwear and sneaker brands

Bata is pushing its Floatz product line to grab a share of the moulded footwear market but at a lower price than Crocs and Birkenstock

Reliance Retail to scale up distribution of clothing under B2B venture

Reliance Retail has launched over 50 exclusive brands and plans to increase the number by 2-3 times, under its strategy to expand the fashion business beyond its own stores

Tamil Nadu to start production of Crocs footwear brand from November 28

According to the state government, with a policy rolled out last year that is pushing up its growth, the footwear sector in Tamil Nadu is a mainstay in the state's industrial growth story

Footwear industry likely to register moderate growth of 7-8% in FY24: ICRA

The footwear industry is likely to register a moderate growth of 7-8 per cent in the current fiscal against 28 per cent in FY23, a report by Icra said on Thursday. The industry witnessed a muted revenue growth in the first half of FY24, mainly on account of factors like sluggish volume growth and no significant increase in average selling price, it added. The mass segment faces headwinds, and demand is unlikely to improve significantly in the near term, though sales recovery during the festive and wedding season in H2 FY2024 could "partially offset muted revenue growth in H1". "While some recovery is expected in H2 FY2024, overall revenue growth is likely to moderate sharply to around 7-8 per cent in FY24, with companies focusing on the premium segment expected to perform well," said Icra. On the input side, softening raw material (RM) prices are estimated to support the operating margin (OPM) in H1 FY2024. However, increasing RM prices since August 2023 are likely to impact the .

BIS norms: Footwear, allied industries conduct nationwide protest

Footwear manufacturers and allied industries from 13 states held a protest, dissenting against the Central government's imposition of BIS quality certification on all kinds of footwear. The nationwide protest was organised by the All India MSME Footwear Council on Wednesday. The state-level protest was held at Modern Industrial Estate in Kozhikode, a statement said here on Thursday. As many as 400 small-scale footwear units also took part in the protest across Kerala. Industry leaders and MSME owners pointed out that the government's decision was neither practical nor scientific, it said. "The standards are set without considering the manufacturing/production process, types of raw materials used, and categories of footwear products. This makes the implementation of BIS standards unrealistic," VKC Razak, National Chairman, All India MSME Footwear Council, said. The protestors demanded a conclusive order from the government that relieves the MSME units from the ambit of mandatory B

Agilitas acquires sports footwear maker Mochiko Shoes for undisclosed sum

Established in 2008 by Virender Awal and a co-founding team of five members, Mochiko Shoes registered a revenue of Rs 642 crore in FY23 and is estimated to grow by 30 per cent year-on-year

Footwear industry to record 11% revenue growth this fiscal: Report

Softening input cost and rising demand will help the footwear industry to record an 11 per cent growth in revenue this fiscal, says a report. Footwear demand is seen clipping at 4 percent this fiscal, Crisil Ratings said in the report Tuesday. Prices of key inputs such as ethylene vinyl acetate, rubber and resins have fallen 30 per cent in the past fiscal. Raw materials constitute around 45 per cent of the total cost of footwear makers. The resultant healthy cash accrual and balance sheets will keep their credit profiles stable, as per the report that is based on an analysis of 43 footwear companies, which account for 15 per cent of the industry revenue of Rs 1 lakh crore. Softening input cost will boost operating margin by about 125 basis points to 9 per cent, which will still be below the pre-pandemic levels of 10 per cent, the report said. Exports, which constitute a fifth of the sectoral revenue, is seen slowing to 12 per cent this fiscal compared to a 25 per cent uptick last

Moderation in demand is where the shoe pinches for footwear majors

Valuations factoring in second-half recovery are in the expensive zone