CCC, the largest shoe retailer in Poland, will start up a new store format next month in Warsaw. Called Quazi, it will offer Italian-made shoes at higher prices than its conventional CCC format, which has been very successful. The chain, which has now 234 stores in Poland and 9 in the Czech Republic, had a 19.6 percent increase in non-consolidated revenues to 186.5 million zloty (€47m-$59m) for the 1st half of this year.
CCC, which went public on the Warsaw stock exchange a couple of years ago, is using Quazi to occupy a market segment where the leader is Gino Rossi, another Polish shoe retailer dealing with Italian-made shoes that went public with last June 25. Widely described in the previous issue of Shoe Intelligence, Gino Rossi saw its share price go up by 3.8 percent on the first day of trading from the initial offering price of 12 zloty per share, in the upper range of the desired price level, which valued the company at 158 million zloty (€40m-$50m) . Earlier this week it was trading at around 12.35 zloty.
The new shares offered by Gino Rossi in the transaction brought in 36 million zloty (€10m-$12m), most of which have been earmarked for the further development of its retail network. The company has indicated that it wants expand especially into the lower segment of the shoe market, where CCC is in effect the leader in Poland, by setting up a dedicated retail network for its G&R sub-brand, partly made in China.