The luxury footwear market in India is dominated by men’s footwear. However, the share of the men’s premium footwear market is coming down. The share has declined from 70% to 60% over the last few years as the women’s footwear segment which is currently underleveraged, is becoming a target market for the luxury brands.
Analyzing the developments in the industry, Shushmul Maheshwari, CEO - RNCOS said, major opportunities lie behest the premium footwear market in India. For instance, with the growth in premium footwear market in India, various foreign brands are eyeing India as a lucrative market. Domestic players can cash upon this opportunity by forming collaborations and providing their expertise of labor intensive manufacturing to the foreign players. Moreover, the women’s and kid’s premium footwear segments are under-penetrated in India. Thus, players in these segments have the opportunity to tap this market with new products.
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