MO Alternates commits $28m to Indian footwear brand

MO Alts said it was taking a significant minority stake in the business. It comes a week after the investor confirmed the closing of its fourth flagship growth fund with INR 45bn in commitments and a special interest in consumer models.

Asian Footwears was founded in 1994 with a focus on combining quality with affordability for the local market. It currently has more than 500 styles of shoes in a price range of INR 500 to INR 1,500 across the sports, casual, safety, and school shoe categories, as well as open footwear.

There has been an increasing emphasis on technological features such as breathable “flyknit” materials, foam insoles, and ergonomic designs. Design and manufacturing is all in-house. Brands include Wilto, a sports line, as well as Wiltech and PU Gold, both sandal lines.

Sales are realised via various e-commerce platforms and an offline network of more than 200 distributors and 10,000 retailers. Marketing was ramped up in 2018 with the endorsement of cricketer Virender Sehwag and the addition of the Delhi Capitals cricket team as an official footwear partner.

“India’s branded sports and footwear market is witnessing a rapid growth, driven by increased health and fitness awareness, higher spending on lifestyle products, shift from unbranded to branded plays, and growing preferences for casual, multi-utility shoes,” Vijay Dhanuka, head of consumer at MO Alts, said in a statement, adding praise for the Asian Footwears team.

“What also really excites us is that emerging players such as Asian with a focus on domestic manufacturing are expected to reduce India’s dependence on imports and help achieve India’s dream of Atmanirbhar Bharat.”

Atmanirbhar Bharat, or self-reliant India, refers to a government agenda to encourage industry, especially manufacturing, to internalise supply chains and pursue wholly indigenous business models.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Motilal Oswal Private Equity
• manufacturing