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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


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