Clarks Future Footwear to open 100 stores in India

Clarks Future Footwear, an equal joint venture (JV) between the UK-based C&J Clarks and Future Lifestyle Fashions, will

continue to exist in its current state though it has an option of buying out the Indian partner. The company now plans to open 100 stores over the next two years as demand for premium footwear brands is gaining momentum in the country.

After India allowed 100 percent FDI in single-brand retail, many international brands are exploring the possibility of acquiring complete stake, they had invested with a domestic partner. However, Clarks has decided to continue the relationship with Future Group. The joint venture aims to attain a revenue target 20 million this fiscal. The company recently opened its 51st store in India.

Clarks currently sources most of its footwear from China and Vietnam. It sources about five million pairs of leather shoes sourced from India. Despite sourcing about 35 percent of its footwear from India, the company is not considering lowering prices amid low consumer sentiment. In fact, it believes that the brand is almost 40 percent cheaper in India compared to Hong Kong, and almost 10 percent lower than the UK, depending on the local duties in each market.

On the product expansion front, the company is adding accessories like handbags, shoe care products, bags, wallets and belts and is also betting big in sales through e-commerce partners like Flipkart, Myntra and Amazon as well as its own online shopping platform.