Mumbai/ Bhubaneswar: Paragon Footwear, the pioneer Indian footwear company launched its athleisure and lifestyle brand EEKEN, for the young, fun and active Gen Z audience.
Brand EEKEN is created with the intention of injecting moments of unadulterated cool into the daily lives, routines and fashion of young and energetic consumers by offering a range of lifestyle sneakers that are accessible, durable and attuned to‘weekend life’.
The name ‘EEKEN’ comes, quite literally, from the middle of the ‘weekend’. EEKEN range will focus on shoes (Lifestyle, Canvas, and Athleisure); Sandals & Flip-flop segments which are designed in London UK and made in India.
The EEKEN range will have over 80 unique shoe designs in the first phase. Over the next quarter, the consumers will have the option of picking from open footwear including flip-flops and sandals. The price range of the segment is from Rs 999/- to Rs 2999/-.
Out of the overall market for open and closed footwear, nearly 60% of the market is unorganised and 40% of the market is organised.
Having said that the market is moving towards organised segment. In the next 3 years the company plans to target INR 500 Crores from the brand.
The men’s footwear category makes up approximately 60% of the market and is growing at a CAGR of 10% while women’s footwear accounts for 30% and is expected to grow at a CAGR of 20% & Kids contribute to 10% of the market and growing at a CAGR of 12% to 15%.
The footwear category is seeing a lot of action with various global brands entering the market and Indian brands making a big play with new designs. The price point in the category has certainly moved up in a big way for casual shoes.
men’s footwear category always had brands, the women’s category has no major national footwear brand and hence there is a huge untapped market potential.
Commenting on the launch, Sachin Joseph, EVP Marketing, EEKEN & Information Technology, Paragon Footwear, said, “India is the fastest-growing market for athleisure and sportswear. We are thrilled to bring our top of the line offering to our loyal consumer who are young, ambitious and always on the move. The EEKEN range will please discerning audience across age groups. Paragon is renowned for quality, durability, and value for money amongst its consumers. With EEKEN we will push the envelope for design and style in the athleisure and lifestyle segment. EEKEN products will be designed in London and to suit the taste of fashion-conscious men and women.”
“Youngsters today are opting for sporty looks and this trend is driving the growth of athleisure market. EEKEN will operate in the mid-priced segment but in the affordable lifestyle segment. We are coming up with 80 designs to suit the aspirations and need of 18-25 years age group across middle-class income households. Our offering is designed to please,” said Mr Joseph Zachariah- Director Sales & Marketing, Paragon Footwear at the conference.
During the first phase of EEKEN launch, the company will enter markets like Mumbai, Pune, Nagpur, Nasik, Ahmedabad, Hyderabad & Bangalore, and the second phase expansion will cover other metros and cosmopolitan cities throughout the country. Paragon Footwear’s key strength is its widely spread dealer and distributor network.
The company boasts of brand presence through 2.5 Lakh retailers nationwide.