Company had gone through a lull phase in 2009-10 when it was forced to shut many stores due to financial crunch but now, it is gearing up to start its story on a fresh page.
In order to back its expansion drive across the length and breadth of the country, M&B Footwear is now shifting gears to extract US $100 crore funding. The company which markets Lee Cooper footwear in India is planning to utilize the amount in spreading its wings by spurting more foreign brands into the country and further increasing its presence by opening standalone outlets.
Company had gone through a lull phase in 2009-10 when it was forced to shut many stores due to financial crunch but now, it is gearing up to start its story on a fresh page. As per its new strategy, it is targeting to open around 150 stand alone stores of Lee Cooper within next three years.
Informing about the development, Bhai Ajinder Singh said that brand is actively pursuing plans to raise about Rs 100 crore, especially to expand its retail network. It is also scouting right partners who can bring value to its business to help the company to grow faster. It is also exploring options of bringing in more foreign footwear brands which do not have presence in India.
The company has also set up a target of increasing turnover from Lee Cooper brand by 50 per cent to Rs 600 crore by 2020 as against Rs 400 crore at present. The brand has been growing at a fast pace and the now the market in right for brands like Lee Cooper. Firm is targeting Rs 600 crore turnover from Lee Cooper by 2020. It already has good presence in the metro and tier I cities through multi brand outlets in retail chains like Shoppers Stop. Now, company is looking at opening majority of these 150 stores in tier II and tier III cities, commented Singh.