BEST FOOT FORWARD: Footwear is the Sole of the Indian Retail Industry

As India steps towards becoming a global economic powerhouse, the footwear retail sector is poised for remarkable growth and transformation.

- SURABHI KHOSLA

With a burgeoning middle class, increasingly discerning consumers, and a rapidly expanding e-commerce landscape, both established brands and emerging players are navigating a dynamic marketplace characterised by both challenges and opportunities...

The Indian retail landscape is a rich blend of malls, food, fashion and accessories. In fashion retail, the footwear sector stands as a testament to the country’s rich diversity and evolving fashion sensibilities. From Kashmir to Kanyakumari, Mumbai to Jaipur, every corner of India echoes with the rhythm of steps made by feet shod in a variety of footwear styles.

At the heart of India’s footwear retail industry lies a fascinating blend of cultural heritage and contemporary trends. Traditional craftsmanship, passed down through generations, finds expression in comfortable, modern soles. Heritage meets innovation in this dynamic retail segment where modern consumers embrace global footwear trends – from sleek sneakers to elegant stilettos – reflecting an evolving fashion consciousness that transcends borders.

As India steps towards becoming a global economic powerhouse, the footwear retail sector is poised for remarkable growth and transformation. With a burgeoning middle class, increasingly discerning consumers, and a rapidly expanding e-commerce landscape, both established brands and emerging players are navigating a dynamic marketplace characterised by both challenges and opportunities.

Market Overview

The India Footwear Market has witnessed remarkable growth, with a valuation of US$ 15.22 billion in 2022 and is projected to surge at a CAGR of 12.83% from 2023 to 2029, culminating in a value of nearly US$ 35.43 billion, writes Mahesh Ghavale in a report for Maximize Market Research – one of the fastest-growing market research and business consulting firms serving clients globally.