M&B Footwear, master franchisee for global shoe brands like Lee Cooper and Geox, is planning to dilute 26% stake to fund its expansion plans, which entail investments of over Rs 100 crore in setting up 200 new retail outlets across the country by the end of 2009-10.
The company is in talks with a number of private equity investors to dilute stake and raise money for part-funding the proposed expansion. “As of now, we are retailing six shoe brands of which two — iD and M&B — are owned by the company.
As our portfolio grows in the near future, we would expand our retail presence and intend to invest Rs 100 crore over the next few months,” M&B co-promoter and director Inder Dev Singh Musafir said.
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