10-10-2012, 11:57 AM
Rise of luxury shoe brands in India
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Introduction
“How many shoes does a woman need", this is as good as it gets.
Footwear is one of the fastest growing consumer segments in the country. The per capita consumption of shoes in India has gone up from 1.1 shoes a year in 2011 to 2.5 shoes per year.
According to a recent study, during recession when the sale of all the items went down, the sale of footwear actually went up.
Though women have started paying more attention towards their shoes/heels, they were yet to shell out big for shoes. But they also never had the choices but with the entry of brands like Louboutin , Jimmy Choo etc , it has become a "hot" segment.
When consumers buy luxury footwear, they buy more than shoes. They buy the image, the emotion and the status linked to the brand they have chosen
Factors influencing the change in trend
Growing fashion consciousness
Increased disposable income
Shoes are the quickest way for women to achieve instant metamorphosis.
Size theory- 'instant gratification'.
Status
More number of retail outlets, online shopping
Indian Shoe Market Survey
Assocham survey noted that Indian buyers spend about Rs 6,000-Rs 8,000 on branded footwear.
Luxury footwear market starts at Rs 15,000
Approximately 91.68 percent of searches are brand-related.
The most searched brands in the luxury category are Prada ,Gucci, Louis Vuitton, Ralph Lauren, Dolce & Gabbana, Jimmy Choo, Christian Louboutin
Brands like Louboutin and Jimmy Choo have made a name for themselves on social media.
McQueen and YSL are available through TSG's Kitsch.
Multi-brand designer shoe store Mumbai-based La Scarpa offers exclusive brands starting at Rs 15,000 to Rs 1,20,000.
In September, Reliance Brands will open its first Kenneth Cole outlet.