Date:05/11/2008 URL: http://www.thehindu.com/2008/11/05/stories/2008110552071600.htm

Business

Pavers to expand operations in India

Special Correspondent

To set up 1,000 stores in the next five years at an outlay of $10 million

— PHOTO: R. V. MOORTHY

expanding footprint: Stuart Pavers, Chairman, Pavers England Footprints, at a press conference in New Delhi on Tuesday.

NEW DELHI: Pavers England Footprints Limited (PEFL), a joint venture initiative between U.K.-based Pavers Foresight Smart Ventures and Indian footwear exporters Forward Shoes, on Tuesday said it would invest $10 million to expand its operations in the Indian footwear retail market.

Addressing a press conference here, PEFL Chairman Stuart Pavers said “We will invest $10 million in the next two years and set up 1,000 stores over the next five years to tap the fast-growing Indian footwear retailing business. The investment will go towards developing a modern retail channel backed by a global network of product sourcing and development.”

Commenting on the Indian experience, PEFL Managing Director Yavar Dhala said the brand, which was soft launched in April through Reliance Footwear, was now available at many independent multi-brand retailers across India, including Central and Loft. According to company CEO Utsav Seth, “Through our partnership with Pavers, we will be able to tap into the three decade rich heritage of retail experience of a successful brand which has been growing annually at 30 per cent and this will be our competitive advantage in a market like India which is growing at 20 per cent per year.”