Bata India, the leading manufacturers of footwear in India, will focus on tier II, tier III cities and rural markets for its future growth, a top executive said Tuesday.
"We will focus on tier II and tier III cities and rural markets in the country which will provide growth and volume for our company," Bata India chairman P.M. Sinha told reporters on the sidelines of the 78th Annual General Meeting of the company.
"We have set up a team for rural expansion. We will use the wholesalers in those areas. We have designed shoes, particularly for rural areas," he said.
"We have a very ambitious expansion plan. My ambition is that our turnover will grow four times in the next five years," he added.
Last year, the company achieved a total turnover of Rs.12,770.9 million as compared to Rs.11,125.9 million in 2009, registering a growth of around 15 percent.
Sinha said the company will open 70 to 80 stores across the country and investment will be about Rs.1.5 crore per store.
Currently, the company has a total of 1,250 stores.
"We will invest Rs.100 crore in West Bengal. Near our factory at Batanagar we will develop new small and medium enterprises (SMEs)," the chairman said.