British footwear retailer Pavers has chalked out plans to expand its footprint in India. The shoe major, which last week received government approval to set up the country’s first 100% foreign-owned single-brand retail venture, plans to open 120 new and exclusive retail stores and increase the number of shop-in-shops to around 350 over the next two years. The company is also looking to acquire its Chennai-based franchise partner Triton Retail, which currently runs 30 stores across India.
“We will be probably acquiring them (Triton Retail),” said Utsav Seth, CEO and managing director, Pavers England Footprints Ltd (PEFL) India. “The valuation will depend on whether we acquire them partly or fully. Ideally, we would like to acquire some stake initially and then gradually ramp up.” The Foreign Investment Promotion Board (FIPB) had on Friday approved Paver’s foreign direct Investment (FDI) proposal of Rs 100 crore in India.
“We want to have a total of 500 point-of-sales over the next two years. Of these, we will have 150 exclusive stores (while the remaining will be shop-in-shops),” said Seth. At present, the company has 70 shop-in-shop retail outlets at four multi-brand retailers —Reliance Footprint, Lifestyle, Shoppers Stop and Westside. It operates 30 exclusive retail stores through its franchise partner Triton Retail.
In 2008, Pavers had forged a joint venture with Chennai-based Foresight Group that subsequently appointed Triton Retail as a franchisee to sell the company’s brand of footwear across India. Pavers is a British firm that was set up in 1971 in and has a turnover of over $200 million ( Rs. 1,075 crore).
News source: Hindustan Times