 "US Presidents' shoemaker Johnston & Murphy steps into India")
The 163-year brand plans to open 15 stores across Indian metros in four-five years and distribute its products through the wholesale channel.
Its first store in the country is set to be launched in the city’s Linking Road on Friday.
In India, the brand’s shoes would be priced at Rs 8,000-15,000 a pair. The company would also retain its ‘bridge to luxury’ positioning, selling high-end shoes at Rs 18,000-25,000 a pair. The brand would sell 150 products in India, compared with 300 in the US.
“India has a young, well-educated and professional population, core customers. It has a very good market. We chose to be in India before China,” said Jonathan D Caplan, president and chief executive, Genesco Inc, which owns Johnston & Murphy. “You need patience to do business in international markets. Many US companies go to international markets, but sometimes, these do not become successful. Our international expansion mostly took place in the last five years.”
The $2.2-billion Genesco has 2,455 stores across the US, UK, Canada, etc. The company owns the Dockers brand.
The company was considering importing 70-75 per cent of its merchandise from its factories in China, Brazil, etc, said Gaurav Agarwal, director of Premium Retail, which has secured the licence and master distribution rights for Johnston & Murphy in India. Agarwal said the company planned to open 1,500-1,800-sq-ft stores, adding it was targeting business of Rs 50 crore in three-four years.