On the verge of retirement, Bata India chairman P M Sinha says that India's best-known footwear brand will focus on tier II and tier III cities and rural markets as it seeks a four-fold increase in turnover over the next five years.
"It is these markets which will provide growth and volume for our company," Sinha told reporters after the 78th annual general meeting of the company on Tuesday, the last with him in the chair.
"We have set up a team for rural expansion. We will use the wholesalers in those areas. We have designed shoes particularly for rural areas," he said.
Uday Khanna, former managing director and chief executive officer of Lafarge India, took over as chairman during a board meeting following the shareholders' meet. ''Sinha always put tough targets for us. We will try to achieve it,'' Khanna said.
The company registered a total turnover of Rs1,277 crore in 2010 as compared to Rs1,112.59 crore in 2009, a growth of around 15 per cent.
Sinha said the company will open 70 to 80 stores across the country and investment will be about Rs1.5 crore per store. The company currently has 1,250 stores.