Untapped potential of homegrown D2C footwear brands

After strong growth in recent years, Indian D2C brands are optimistic entering 2023. D2C brands are estimated to be growing at a compound annual growth rate (CAGR) of 40% in India.

- Veena Ashiya

The burgeoning Indian footwear market has attracted a large number of domestic and international players in recent years. The long-term potential of India's consumer history cannot be ignored, as Gen Z and Millennials make up the bulk of India's over one billion population.

According to market experts, international brands account for less than 20% of the footwear market in India. However, local footwear brands and products are unable to fully engage with younger consumers in their innovation and product designs. Only one-third of the footwear market is organised, with the rest of the business made up of unorganised players. In the emerging markets, such as China, the footwear market is led by domestic brands. This is mainly due to innovation in the product range.

The Indian youth today have global ambitions, but don't have big budgets to buy shoes. A woman today owns approximately about 19 pairs of shoes, including 3 pairs of sneakers and other fashion shoes. Now-a-days, women have busy lifestyles and while being on their feet most of the time they prefer opting for footwear that is comfortable as well as serves the purpose of being fashionable. It is therefore imperative for them to have footwear with these two qualities.