Being the second largest footwear industry in the world, it is accounting for approximately 9 percent of the global annual production.
India annually produces 2.2 billion pairs of which 90 percent is consumed nationally, while remaining are exported to many European countries like the United Kingdom, Italy, France and others. Growing at a CAGR of 20 percent in Indian currency rate, foreign countries are eyeing the Indian footwear industry for expansion opportunities.
Rising from Rs 71.5 billion to Rs 180 billion, the entrepreneurs/businessmen/industrialists are revolutionizing the footwear industry in India.
Footwear brands are now offering vegan and pure leather variants, following the country’s fashion trend. Many investors have entered the industry, keeping in mind the segment of affordable luxury premium fashion.
Ayush Diwan, Owner, Modello Domani shares, “With our slogan of happy feet for all, we formed a brand which offers vegan and pure leather variants. The industry is constantly changing, with many new fashion trends invading the industry.”
The choice of footwear is always dominated by seasonal fashion. The surging demand for designer yet comfortable footwear among women or athletic shoes among men has been bolstering opportunities for the shoemakers.
But recently, comfort has been the deciding factor for the consumers in buying footwear. Franchises are innovating with their footwear products, in order to make them both stylish and comfortable. Casualization has kicked in as a big trend.
Similar to other industries, the footwear industry has its own challenges too. Challenges like timely delivery, higher returns, stock inventory, cost of revenue, etc are many challenges footwear investors have to face regularly.
Mayush Kukreja, Founder, Whitesoul.in shares, “Management of multiple warehouses and stores is one major challenge that our brand faces. It’s necessary to manage these stores in order to effectively utilize the stocks.”