Shoe firm gets sole foothold in India (From York Press)
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Pavers Shoes gets sole foothold in India
3:06pm Thursday 1st November 2012 in Business news
By Julie Hayes, julie.hayes@thepress.co.uk
YORK footwear company Pavers Shoes has become the first foreign single-brand retailer to be allowed to set up wholly owned stores in India.
Pavers Shoes, based at Northminster Business Park in Upper Poppleton, started selling its shoes in India in April 2008 when it set up a joint venture called Pavers England with London-based Indian entrepreneur Ravi Mehotra’s billion-dollar Foresight Group.
Pavers England put a multimillion- pound investment proposal to the Indian government, which has just been approved after six months’ deliberation.
The York business beat huge companies like Ikea, American clothing business Brook Brothers and watchmaker Fossil to cement this world first after the Indian government decided to ease its restrictions on foreign direct investment, which banned foreign retailers from owning more than 51 per cent of their shops.
Pavers England currently trades through 70 concessions located within department stores. It now plans to open 120 of its own retail stores and increase the number of concessions to about 350 over the next two years.
The company is also looking to acquire its Chennai-based franchise partner Triton Retail, which currently runs 30 stores across India.
Stuart Paver, managing director of Pavers, said they started trading in India to take the company’s products to the ever expanding Indian middle-class consumer.
He said: “We are very proud to be the first company in the world to receive the Indian Government’s clearance to own 100 per cent of its own retail stores in India. This will allow us to grow at a far faster rate and showcase many more of our products, together with ensuing that the levels of quality, style, comfort and service match our UK stores strong reputation.
“We are glad to be trailblazing a path in what will be the most dynamic retail market in the world over the next decade. We do hope other UK businesses will follow us into India as there are so many opportunities in this rapidly expanding economy.”
