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Limping Chinese Market Put Indian Footwear on Fast Track
Dec 09, 2008
The Indian retail industry is growing dynamically, and so is its footwear retail industry. The easy availability of raw material and skilled manpower at relatively much lower cost is expected to keep the demand for Indian footwear buoyant in near future. “Indian Footwear Industry Analysis”, a new report by RNCOS, expects the Indian footwear retail market to grow at a CAGR of over 20% through 2011.
According to Shushmul Maheshwari, Chief Executive, RNCOS “Even the ongoing financial turmoil will not be able to significantly impact the demand for Indian footwear in global markets. This is because the demand for high quality footwear made in Europe or other regions of the world will certainly suffer a setback as people will prefer buying inexpensive, or precisely, medium or low-priced footwear. And India and China definitely have an edge on this front.”
He further adds, “However, rise in labor cost and strengthening currency (against US Dollar) have posed serious problems for Chinese producers”. The cost of labor has grown by about 40% since January this year in China. As a result, Chinese products, that used to be as much as 10% cheaper than Indian products, are now lagging behind. The other reason why Chinese products are loosing sheen in international markets is the implementation of EU anti-dumping duty.
Under such circumstances, India is the only major source left for supplying low-cost footwear. So most of the global footwear makers, especially European ones who were earlier sourcing from China, are now gradually turning to India. Several Indian units are getting enquiries and orders from European companies and some of them have even announced to station their own manufacturing facilities in the country. Some of the leading footwear players like Adidas, Puma and Nike are likely to channel a part of their purchase and production from China to India.
This inclination of footwear majors towards the Indian market has already started to come into light. The statistics for the period from January to July 2008 have shown that footwear imports in Europe from China slipped by 1.7% against the same period last year; on the contrary, those from India increased by 3.5%.
“Indian Footwear Industry Analysis” provides reliable and objective analysis on the trends and performance of the Indian footwear market. It offers intensive qualitative and quantitative evaluation of the market and discusses all the key parameters coupled with segment-wise forecast.
For more information visit: http://www.rncos.com/Report/IM601.htm
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