Liberty shoes merges with subsidiary, eyes 40% turnover growth

Company is looking at clocking Rs 500 crore turnover this fiscal

Liberty shoes Ltd today announced merger of its subsidiary, Liberty Retail Revolutions Ltd with the company to boost its retail presences and increase operational efficiency.

The company is eyeing over 40% increase in turnover at Rs 500 crore this year compared with Rs 350 crore turnover achieved in the previous year.

"We have merged Liberty Retail with Liberty shoes to make the company a lot more viable for investors and to increase operational efficiencies. We are looking at clocking Rs 500 crore turnover this fiscal," Liberty Group Director Retail Anupam Bansal told PTI.

Bansal said the company will invest Rs 50 crore in increase its retail presence is working on product development to make brand more fashionable to achieve this growth target.

"We will invest up to Rs 50 crore to set up to 200 new Liberty showrooms. New showrooms will be mix of company owned and franchise stores," he added.

With this merger the company will have 500 exclusive showrooms, statement added.