Home / Knowledge / News / Pavers acquires 126 years old UK based Equity Shoes
Pavers acquires 126 years old UK based Equity Shoes
12
Feb '09
Mauritius-based $60 Million Pavers Foresight Smart Ventures (PFSV) has acquired UK-based women's' coat footwear manufacturer brand “Equity Shoes” in an all-cash deal. This is part of PFSV's aggressive expansion plans in India and will increase India's share as footwear sourcing hub, globally.

The $12-million (turnover) Equity Shoes is a 127-year-old manufacturer of women's comfort coat footwear brand. It churns out four lakh pairs annually and has a strong retail presence in UK and Australia.

PFSV now plans to shift Equity's manufacturing to India. The company is currently in advance stages of negotiations with manufacturers known for high quality, fully integrated production infrastructure.

Mr Utsav Seth, CEO, Pavers Foresight Smart Ventures, said, "We are on the look out for the right industry partner with the right space, skills to manage production, infrastructure to source quality leather and a good tanning base".

He added, “The know-how, production kits and product engineering will be provided by PFSVL and the partner would have to arrange working capital. We are negotiating with a
few people and a decision is on cards within three weeks”. The entire migration would take about a year, he added.

The "seamless acquisition of Equity with its sub-brands, plants and machinery, talent as well as customers", was facilitated through PFSV's 100% UK-based subsidiary Shoe Club, a procurement services firm for buyers in UK, Europe and North America

The acquisition is a landmark for the Indian shoe industry as India was known only for mens premium shoes. This will bring in the know how for manufacture of high end women's coat shoes, thereby adding a new dimensions to India's high value added footwear exports.

The re-located facility operated by the partner will produce 4 lakh pairs of women's coat shoes contributing USD 10 million additional by way of export earnings. The facility is expected to employ over 500 people.

Pavers Foresight Smart Venture


Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search