Drish to open 12 outlets for shoes

Panchkula-based Drish Shoes Ltd, a 16-year-old company manufacturing and exporting top-quality finished leather, shoe uppers and shoes, is about to open 12 retail outlets all over the country this year.

Simultaneously, the company is going to diversify into the hand-bag segment. The group will open outlets in Chandigarh, Jalandhar, Gurgaon, and Ludhiana with an investment of Rs 3 crore. This will be followed by a launch in metropolitan cities, Bangalore and Hyderabad.

Speaking to Business Standard, Managing Director Indereshwar Singh Paul said, "This year, we are going to target the domestic market. The strategy will be to go in simultaneously for company-owned outlets, franchisees, a presence in multi-brand outlets, and high-end chain stores across the country. I see a compounded growth of 40 per cent in the domestic market." At present, Drish Shoes is present in nine states and 130 shops in the country.

"We will open shop in Uttar Pradesh and the north-eastern states this year," said Paul.

The company, with a good track record of growth in turnover and profits is looking at an annual turnover of Rs 90-100 crore in this financial year in the export market. In the domestic market, where it has just started operations, it is aiming at a turnover of Rs 3-4 crore.

Till now, the company has been exporting 99 per cent of its production to German importers and manufacturers like Manz, Fortuna, Jela, and Meisi, Karstadt; Farrutx in Spain; Gallus in Austria; Start Rite and Firstland in the UK; Geox and Time in Italy; ABCD in Belgium; and Mexx in Holland.

"It is a pleasure to be working for the export segment. It is from the Germans that I learnt how do quality work," said Paul. It is not surprising when the degree holder in chemistry and MBA says he will not manufacture the pointed-heel women fashion wear shoe.

"Let others make it. I will not come down to a level where Drish Shoes fails to ensure comfort and quality to the buyer," said the entrepreneur.

The export segment unit spread over 2,30,000 sq feet area is done in a central unit at Panchkula. A separate unit for the domestic market has been set up in Nalagarh(Himachal Pradesh), along with a unit of tannery. From shoes, the group is graduating into the bag segment, and has invested Rs 1 crore.