Taming of the Shoe, BATA - by SPJIMR's Fin Whiz Ronak
If you look back into the annals of time, trace a path all the way to the present and dare to peek into the future as well, you’d be surprised to find that no article of clothing has been, is or will be more ubiquitous than the humble shoe. Ever since prehistoric times, Man has always felt the need to protect his feet from everything that Mother Nature could throw at him and ancient cultures, ranging from the Native Americans to the Egyptians and all the way to Ancient China, developed their own forms of primitive footwear. While shoemaking as a trade only picked up speed during the Industrial Revolution, the global footwear market today is pegged at a size of around $190 – 200 billion, clocking a sub – 5% annual growth. While the luxury segment is still a minuscule portion of the entire pie, it is growing in double – digits, with some brands even growing at over 30% - 70% annually, albeit on a small base. Speaking of the luxury footwear industry, names like Jimmy Choo, Louis Vuitton, Christian Louboutin, Gucci, Prada, Steve Madden, Yves Saint Laurent, Manolo Blahnik and Brian Atwood are now the soles that legends are made of and every shoe cabinet desires.
