The Hindu Business Line : Mirza Tanners to set foot in France, Germany

AFTER establishing its presence in the UK shoe market, Mirza Tanners Ltd, owner of the brands Red Tape and Oaktrak, is now looking to make a foray into other markets of Europe, especially France and Germany. The company is putting up a plan on its drawing board to set up a plant in Europe to cater to the new markets it intends to develop.

Mirza Tanners, which derives about 80 per cent of its revenue from the overseas market, is also exporting to non-European markets, including South Africa, Australia, New Zealand and Canada. "Europe continues to be our principal importer and we have been able to gain a 15 per cent share in the mid-segment men's leather shoes market in Britain. In the last two years, we have established our own marketing offices, warehouses and distribution network in Britain. We have also made an entry into the high-growth women's formal shoes segment," said a senior official. Apart from the European markets, the company is planning to take up outsourcing orders for shoe manufacturing.

In the first quarter of the current fiscal, Mirza has notched up a turnover of Rs 48.41 crore, up by 31 per cent from Rs 36.99 crore registered during the corresponding period of last fiscal. After providing for taxation and deferred tax liability, the company's net profit during the quarter touched Rs 3.27 crore as against Rs 2.61 crore in the previous year quarter.

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