Moscow for sales, Siberia for manufacturing
17/12/2007
Shoe brand Footwear of Russia has reported an 83% increase in earnings for the full year of 2006, confirming Russia's status as one of the fastest growing footwear markets in the world.
The company is confident of further positive results for 2007 and for the years ahead. As well as running 70 stores under its own Westfalyka brand, it has begun manufacturing shoes in its own factory in Novosibirsk, the largest city in Siberia.
The company has extremely ambitious expansion plans. Its intention is to increase its number of retail outlets to 274 by 2010, with stores opening under a variety of brand names: Footwear Factory (for discount shoes), Emilia Estra (for mid-price footwear), additional Westfalyka stores and further brands for the premium segment.
A large proportion of the new stores will be in the Moscow region, with the company aiming to open outlets in many of the capital's major suburbs.
Its revenue for 2006 was just over $22 million, but it is projecting a total of $200 million for 2010 when its expansion plans begin to pay off in full. Footwear of Russia has also said that it is planning a stock-market flotation for 2008.
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