Sale of premium shoes are growing at an average of 30 per cent year on year in India. Footwear market in the country is growing annually by 12.6 per cent. The overall footwear market has been growing on an average 7.6 per cent in the last three years. Premium (leather and non-leather) accounts for 10 per cent of the total market size. Weddings and festivals now call for purchase of premium/luxury footwear. Especially in women’s wear there were not enough players in the shoes segment. However, the market is now open to global brands. The hype sneaker category is growing at an average of 34 per cent. In this category products are available at a starting price of Rs 9000.
Driven by demand, global players such as Denmark-based Ecco and Germany brand Birkenstock entered India during the slowdown. Existing brands expanded their footprint. Clarks, for instance, increased its touch points from 300 to 600, resulting in a 45 per cent jump in sales. In 12 months, the number of units grew from 5.7 lakh shoes to nine lakh shoes. Clarks has also increased the number of retail touch points and the number of stores. It is currently in the growth phase after evaluating the market and understanding consumer behavior.