M&B Footwear, a multi-branded retailing firm that owns the popular ID brand is looking forward to enter into a partnership. To meet this end, Mr Inder Dev S Musafir, company co-promoter, is initiating talks with a couple of equity players.
M&B Footwear will dilute about one-fourth of its stake in favor of its new partner. Besides, it will also aim to capture potential market with an initial public offering.
In an exclusive interview with Fibre2fashion, Mr Inder Dev, stated, “Although the deal has not been finalized yet, talks are going on and the proposed partnership will materialize in about 3-4 months.”
Mr Musafir also confirmed that the company has plans to add apparel and accessories to its present product line by the end of 2008. Accessories will include belts, caps, socks, and wallets.
Some of its most recent plans include investing about Rs90 crore for bringing up 250 stores across the breadth and length of India by the year 2010. The company has also worked out a new punch line 'Be The Cult', for giving its brand a fresh and trendy image.
When asked about the format of the stores and the cities in which the company wishes to set up the outlets, Mr Musafir said, “These stores will be opened in all Tier I and Tier II cities of India in three formats mainly, multi brand–stand alone stores called Walk in M&B, Factory outlet stores named M&B Factory Direct and inside large departmental stores.”
Brand promotion of the company will amount to Rs20 crore for the next year. As of now, M&B Footwear has licensing and distribution arrangements with seven footwear brands including Lee Cooper, Provogue, Rider (Brazil), and Geox (Italy).
Fibre2fashion News Desk - India
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
