Ecco has reported on the opening of its first three mono-brand stores in India, positioning itself as a brand of premium-quality products after a careful analysis of the market. They will be managed by its joint venture in the country.
The first one was inaugurated on Nov. 8 at Delhi's Gurgaon Ambience, described as the largest shopping mall in India, with one kilometer of shopping experiences on each of its six floors. Two more will follow in Pune and northern Mumbai in the first quarter of 2020, at the same time as a web store.
Meanwhile, Ecco says it has obtained the Russian government's go-ahead for the takeover of the long-time distributor of its products in that country, called Ecco-ROS, from a group of local businessmen, following the approval of the Russian Antimonopoly Service.
“Discussions are ongoing with our Russian partners, who have built Ecco to a very strong position in the Russian market,” says Ecco without confirming a report that the purchase price will be close to 5 billion rubles (€72.0m-$80.0m).
Last year, the Russian company experienced a big 71.4 percent slump in net revenues to 153.3 million rubles (€2.2m-$2.5m), according to Spark, the Russian database of registered companies. Its revenue increased by 5.24 percent to 12.5 billion rubles (€180m-$200m).
Obuv Rossii, the big Russian shoe retailer, said in its 2018 annual report that Ecco was “the biggest market player in the premium segment of the Russian shoe market.”
In addition to its wholesale operations, Ecco-Ros runs 230 stores in Russia, Belarus and Kazakhstan. According to Kommersant, the Russian business newspaper, Ecco might open an additional 200 stores in the country.