“We are committed to serve this segment with latest designs/trends at affordable prices, making the products more aspirational,” said N Mohan, CEO, Footwear Division, KICL.
KICL completed the acquisition of the Zodiz, Jeetlo and other associated sub-brands. These brands cater to the price- and quality-conscious mass market, offering products below Rs 1,000 per pair — a segment that accounts for nearly 83% of total Indian footwear consumption, valued at Rs 80,000–85,000 crore annually.
Significantly enough, KICL had earlier signed a 30-year licensing agreement with France’s Royer Group for the manufacturing, distribution and retail of the Kickers brand in nine countries, including India, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives, Qatar, the UAE, and KSA
This acquisition of Zodiz and Jeetlo brands gives KICL an immediate foothold in one of the fastest growing and underserved consumer segments. This segment, it is estimated, will double over the next three years with the `premiumisation’ taking place in the market with styling as a key differentiator.
With their acquisition by KICL, these two brands – Zodiz and Jeetlo – are positioned to become a formidable new competitor in India’s value-driven footwear market, joining established players such as Bata, Relaxo (including its sub-brands like Sparx), Paragon, Liberty, Khadim’s, Walkaroo and Asian.
“With a strong team, deep market understanding and robust infrastructure, KICL is well-positioned to capture this opportunity. We view this as the beginning of a new chapter — one that will unlock value for consumers, partners and stakeholders alike,” Dr. Mohan said.
Co-creating a vision
Immediately following the acquisition of these popular brands, KICL, on August 17, held a closed-door brainstorming session of its dealers – numbering over 90 from across the country. The objective is to co-create a vision for these brands.
India’s footwear industry is at a pivotal moment. As one of the youngest nations globally, India is witnessing rapid shifts in consumer preferences. Footwear is no longer viewed purely as a utility — it has evolved into a symbol of personal style and self-expression. “With the per capita consumption at 1.9 pairs per annum and expected to double by 2030, the opportunity for value-driven and fashion-apt products is immense. The Government of India’s continued focus on this sector further reinforces the timing and relevance of our entry,” Mr. Jinnah Rafiq Ahmed, Executive Chairman, KICL, said.
“The dealers gave constructive suggestions in the interaction that lasted more than three hours and together we have charted a future course for our journey which will be an aggressive one in line with the culture of Kothari Industrial Corporation limited,” a company release said. “Speed to the fashion” and Speed to the Market “were the key messages received from the dealers. Reiterating the tag line “Together is Beautiful”, the meeting between the management and the dealers underscored the need for moving fast and pushing forward in unison to make a big mark in the branded footwear space.
Business plan
In a filing with the stock exchange, KICL has detailed its foray into non-leather footwear field. It said that it had partnered with Evervan – Shoe Town Group, which is the third largest contract manufacturing group known for innovative product manufacturing global brands such as Crocs, Adidas, Nike and the like.
The joint venture is known as Phoenix Kothari Footwear Limited. KICL said that its partnership with Evervan was intended to produce 60 million pairs of footwear annually.
The joint venture project in collaboration with Evervan is expected to create 50,000 jobs, particularly for women from underprivileged sections of society in Perambalur district with the lowest Human Development Index (HDI). By April next year, brands such as Crocs and Adidas are expected to be made in this facility.
MoUs with 19 global firms
According to the filing, KICL has signed MoUs (memorandum of undertakings) with 19 materials, mold and machinery manufacturers to create “a 3M ecosystem in Perambalur”. “This initiative aims for import substitution,” it said.
KICL, along with joint venture partners, invested USD 300 million to create approximately 50,000 jobs in Perambalur. “Several MOUs were signed with various companies for the supply of shoe machinery, adhesives, microfiber leather and other materials. These partnerships aim to create a “plug-and-play” model for footwear manufacturing,” it said.
Specific companies involved include: Atteck Automation Integration Technology Corporation, Jhong Bu Development Singapore Pta Ltd., Longjohn Taiwan, Dongguan Xiaofeng Shoematerial Company Ltd., Huachang Group Company Ltd., Mingzhing Sewing Machines Company Ltd., New Yu Ning Machinery Ltd., Schung Shin Global, Tung Sheng Machinery Company Ltd., and Pao Yuen Knit Company Ltd. Further, MoUs were signed in August 2023 with Dongguan Chuanli Shoe Machinery Co., Ltd., Dongguan Mingshan Machinery Manufacturing Co., Ltd., GBOS Laser Inc., HK Gaofeng Limited, Hong Kong Nan Xiong International Enterprises Limited and M/s. Assem Inc. These agreements focus on shoe machinery, hot melt films and EVA polymer materials.
KICL filing also talked about its business partnerships with Aldo, focusing on fashion and athletic footwear for men and women. The company indicated that a new joint venture with a Taiwanese luxury footwear manufacturer could be formed this year.
The document highlighted KICL’s strategic approach to the footwear industry, emphasising partnerships, technological advancements, job creation and expansion into both manufacturing and branding.
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