UK-based shoe retailer C&J Clarks is looking to expand its Indian retail footprint by Increasing its store count to 100 over the next five years.
The retailer currently operates in the country in collaboration with department chain Future Group under the brand ‘Clarks Future Footwear’ and plans to increase its business to four times the present value, reported Economic Times.
Commenting on the developments C&J Clarks CEO Melissa Potter said that the retailer views India as an important expansion prospect over the long run.
"While our UK and North America businesses are expected to grow at single digit, we expect India to grow in double digits," said Potter.
Clarks expects the sales from India and Chine to account to about 20% – 25% of the global sales of $2.2bn by 2022.
"Our study showed the value of the men’s footwear market is bigger than the women’s footwear market and that is very unusual.
"In most of the market it’s the other way round," remarked Potter.
The retailer also hinted at its lack of enthusiasm in a fully owned business in India, despite the recent reforms that allowing direct investment from overseas companies.
"We studied the Indian market for two years before we invested here and we realized that it is important to have a partner here," concluded Potter.
Clarks is also remains keen on building an e-commerce platform besides franchised outlets to boost sales in the country.