Tata buys MoveOn

Tata International is set to acquire a 51 per cent stake in Portugal’s MoveOn Shoes, giving it a foothold

in the European footwear retailing market. Tata International, part of the $72-billion Tata Group, wants to be a significant player in the leather industry. The company, which has huge manufacturing capabilities and is a supplier to brands such as Escada and Hush Puppies, has been exploring overseas brand buyouts. Recently, it forayed into domestic footwear retailing with the Tashi brand. MoveOn is a relatively new footwear venture with a presence in Portugal, France, Spain and Belgium. It was spun out of the bankruptcy-hit Investvar Group, a footwear company in Portugal, and was being operated by Luxembourg-based D-Box SA.

Tata International has been into overseas trading arm of the salt-to-software group. It has handled the export business of firms like Tata Motors and Tata Steel in the past before these firms integrated their overseas sales under themselves. Noel Tata took charge as MD of Tata International in 2010 and has been involved in revamping the firm with a focus on the leather business. Tata International has a 76 per cent stake in the Chennai-based Bachi Shoes in a deal to augment its manufacturing capabilities. The firm has a large tannery at Dewas in Madhya Pradesh and production facilities near Chennai. It has been on the lookout for plant acquisitions in northern India.

Established in 1962 as the international business gateway of the Tata Group, Tata International is the driving force behind the emergence of the Tata name as a global brand. It is one of largest export houses in India.