The promoters of footwear brand Solethreads have initiated talks with investors to raise upto $2 million to fund expansion plans, a senior executive said.
“Majority of the funds will be utilised towards our aggressive marketing and customer acquisition strategy, as well as further product innovation and development,” said Sumant Kakaria,founder and CEO, Solethreads which is owned and operated by Summersalt Lyfestyle Pvt. Ltd.
“Once we close our equity led fund raise, we will ramp up our brand-building efforts on all digital mediums. Solethreads aims to become a ₹300-crore ‘open footwear’ brand in the next three years with strong online and offline presence,” he said.
The firm is also planning to go global with the brand following its recent pilot tests on international platforms.
It is into flip flops for the youth and the target audience is in the age group of 13 to 30 years, basically millennials and generation Z.
“The category is ripe and there is immense rise in comfort and leisure wear that is here to stay, and we have established the right product mix to cater to it,” Mr. Kakaria said.
The Indian footwear industry is estimated at over $10 billion and growing at a CAGR of 14.5%. Within this, open footwear is the largest and most-penetrated category, making up 12-14% of the industry.
India is the second biggest manufacturer of footwear in the world with 90% of it being consumed domestically. However, over 40% of domestic consumption is met by imports.
