US-based premium footwear brand Crocs has said it will double the number of exclusive stores in India this year and also enter into licencing agreements for accessories, which will be launched shortly.
The Nasdaq-listed company, which entered the domestic market in 2007 under a joint venture with Chogori Footwear, also said it is looking to increase its presence in the multi- brand outlets with an eye to tap the small town market.
"Right now we have 21 stores. We should have about 40 stores by the year-end," Crocs Vice-President for India, Middle East and Africa Florent Andre Bailly told PTI here.
The $1 billion footwear maker is also present in around 250 large format and multi-brand stores in the country, including Metro, Lifestyle and Planet Sports.
He, however, declined to divulge investment plans, but said new stores will chiefly be located in metros and the firm would strengthen the distribution network to focus on smaller markets.
"Most of our retail stores will be in big cities. But when we get into distributor level, we will be opening in Tier-II and III cities, too," he said, adding the company already has stores in Ludhiana and Jalandhar.
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It plans to have a distributor in each state. "There is tremendous potential for growth. We have probably grown very fast during the first five years. We have been doubling year on year. We probably will slow down a little bit to get to the next phase. I think this is the market where you can very easily get 25-30 per cent growth a year if your product and distribution are good," Bailly said.
The company, which recently announced plans to enter into a licencing agreement to extend beyond footwear in India, is in talks with domestic players to launch accessories under the 'Crocs' brand name.
"We have had discussions with a certain number of people. So, you may see in six months time a few optic shops selling eyewear with the Crocs brand. But it is not our core business. We are taking advantage of an opportunity to get royalties as long as it is not in conflict with our business," Bailly said.
Crocs had earlier said its sunglasses and sunglass accessories would be launched in May in the US. The Brooklyn-based Eye King will make sunglasses, which will be hawked in the US and Canada.
Its first non-footwear product was a line of adult and children's socks.
Crocs also entered into an agreement with Accessory Exchange to offer a variety of Crocs-branded accessories like hats, bags, backpacks, socks and gloves.
It plans to shift its image from a fun and casual brand by launching formal footwear.
"We are doing some tests with formal wear for men. We are looking at this because this is what Crocs will be in future. We will always be fun but we will also have formals. We also plan to do this for women," Bailly said.