High footwear prices compelling buyers to defer purchases: Walkaroo International

03 March 2022, Mumbai:

Triggered by an increase in raw material costs, the hike in footwear prices is compelling consumers to defer footwear purchases from once in six months to once in nine months, says VKC Noushad, Managing Director, Walkaroo International.

Raw material prices have increased 50 percent. However, manufacturers have been unable to pass on these costs to consumers due to loss in their incomes, adds Noushad. The hike in GST rates are adding to the woes of manufacturers, distributors, and customers, he adds.

To offset rising costs, Walkaroo International has increased its focus beyond utility footwear to affordable fashion, targeting the youth.

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The company is also increasing its capacity in sports shoes. It makes four lakh pairs of footwear a day from 20 factories across six states. The brand employs 6,000 people directly and has 4,500 exclusive vendors.

Primarily present in south India, Walkaroo, expects to clock in a revenue of Rs 1,800 crore during FY22.

Despite losing Rs 200 crore during the lockdowns of April-May due to second pandemic wave, Walkaroo International also plans to enter the footwear export market in 2-3 years, adds Noushad.

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