Paragon eyes Rs 5,000-crore revenue by 2020

Hyderabad: Paragon, one of the country's largest selling footwear brands, is aiming to achieve Rs 5,000 crore turnover by 2020, as against the current Rs 1,400 crore.

"For the past few years we have grown at 25 to 30 per cent per annum. Now with the introduction of new models and variants, the value chain is expected to go up. When the average price of footwear goes up, revenues also grow. We are confident that we will be achieving Rs 5,000 crore by 2020," Paragon group promoter & director Thomas Mani told PTI Tuesday.

As part of the brand promotion, the company has roped in movie star Mahesh Babu as its brand ambassador.

It also plans to penetrate into untapped domestic and international markets, Director Marketing Joseph Zachariah said.

"We expect to sell 14 crore pairs this fiscal from 12 crore in the last fiscal and hope to achieve Rs 1,600 crore turnover mark during 2014-15. The company had clocked a turnover of Rs 1,400 crore in 2013-14. We may also consider ramping up the installed capacity of the plant in next two to three years to meet targets," Zachariah said.

Replying to a query, Mani said that for the present growth expectations, the company would need additional working capital after two to three years.

He, however, said currently there are no plans to dilute any equity for capital infusion. The company, which has 23 manufacturing facilities across the country, is a closely-held entity by nine families.

On an average the Kerala-based footwear maker produces about 4.5 lakh pairs a day.