Editor’s Let­ter

Shoes & Accessories - - Contents -

When the Union cab­i­net ap­proved a set of pro­pos­als aimed at cre­at­ing more jobs, im­prov­ing ease of do­ing busi­ness, the leather and footwear sec­tor was not over­looked. It an­nounced a ` 2,600-crore-spe­cial pack­age for in­dus­try that the gov­ern­ment be­lieves has the po­ten­tial to gen­er­ate over 300,000 new jobs in the next three years and as­sist in the for­mal­iza­tion of 200,000 jobs.

This sig­nif­i­cant mea­sure has come at a time when the global Men For­mal Shoes Mar­ket is ex­pected to at­tain a mar­ket size of $9.5 bil­lion by 2022, growing at a CAGR of 7% dur­ing the fore­cast pe­riod. The seg­ment wit­nessed prom­i­nent growth in the re­cent years. The find­ing high­lights that Ox­fords and Monk shoes have gained pop­u­lar­ity due to its style and com­fort. In ad­di­tion to this, Brogues are also in trend, es­pe­cially among younger pop­u­la­tion.

Mean­while in In­dia, men’s footwear mar­ket has al­ways been the cen­ter of at­trac­tion for global play­ers dur­ing the last few years. But the trend has in­spired home­grown brands to com­pete the es­tab­lished global play­ers.

In an­other sim­i­lar de­vel­op­ment, it has been re­ported that Shoe Care Mar­ket is ex­pected to touch $ 6,097mil­lion by 2025. In­creas­ing in­ter­net re­tail­ing along with growing de­mand of sports footwear due to growing health con­cerns among con­sumers glob­ally are be­lieved to be the key driv­ing fac­tors. In­creas­ing tech­no­log­i­cal ad­vance­ment in shoes and in­creas­ing pref­er­ence of ca­sual shoes are also the ma­jor driv­ers.

What does this mean for the sec­ond largest footwear pro­ducer? To­day In­dia’s footwear pro­duc­tion ac­counts for ap­prox­i­mately 9 per cent of the global an­nual pro­duc­tion of 22 bil­lion pairs, and the slew of mea­sures means its pro­duc­tion ca­pac­ity along with em­ploy­ment gen­er­a­tion are sure to rise. A par­al­lel de­vel­op­ment is the ris­ing pen­e­tra­tion of the in­ter­net in ur­ban, ru­ral and sub-ur­ban cities across In­dia, and how ecom­merce com­pa­nies have trans­lated this to an­other re­tail rev­o­lu­tion. This ap­par­ently means that the de­mand-sup­ply equi­lib­rium will be main­tained, cre­at­ing a con­ducive ecosys­tem for all.

AMITABH TANEJA Editor-in-chief

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