Relaxo Footwears to set up Rs 150-crore manufacturing facility

Relaxo Footwears plans to set up a new manufacturing facility with an investment of Rs 150 crore in the current fiscal, reports Economic Times.

The company owns key brands such as Sparx, Flite, Bahamas and School Mate. Its open footwears account for about 80 per cent of its total turnover. The Delhi-based firm said demand for closed footwears has been affected but it expects its pick-up going forward due to the onset of winter. It plans to achieve 90 per cent of last financial year's turnover in the current fiscal.

Relaxo Footwears’ first quarter revenue was affected due to nationwide lockdown. Led by an increase in demand for open footwears, its sales starting picking up second quarter onwards.The company had reported a net profit of Rs 226.25 crore and revenue from operations of Rs 2,410.48 crore in the previous financial year. Relaxo Footwears currently has eight manufacturing units in 20 countries and exports account for 4 per cent of its total turnover.