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Reliance Brands to open new stores for Steve Madden shoes
19
Oct '15
Mukesh Ambani-controlled Reliance Brands has drawn up plans for expansion of global shoe brand Steve Madden in India, according to an agency report.

Madden India business head Somdeb Basu said the brand was doing well and they have decided to add 10 more stores by 2016-17. Stores are likely to be opened at Bhubaneswar, Guwahati, Cochin, Coimbatore during the expansion drive.

Reliance Brands has marketing right for the US-listed shoe brand in India and operates 15 stores Delhi, Chandigarh, Ludhiana, Bangalore, Pune, Hyderabad, Mumbai, Pune and Kolkata.

Almost 90 per cent of Steve Madden products sold in India are imported from different manufacturing bases. But the import duty on shoes that ranges from 60 to 90 per cent puts a huge cost pressure on the brand.

Basu said the company would weigh the options of setting up show manufacturing plants after it establishes a sizeable scale of market and carries out its store expansion plan. (SH)

Fibre2Fashion News Desk – India

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