Cravatex Brands acquires India rights to sell footwear brand Vans from global owner VF Corp
Rooted in California since 1966, Vans has grown steadily since VF Corp acquired it in 2014 and is aiming to reach sales of $5 billion brand by fiscal 2023.
CBL already has licence to run several brands in the country including Italian sportswear brand Fila and Proline Fitness. The company said it plans to have a network of 50 stores over the next five years to expand the brand’s appeal beyond teenage skateboarders.
"Vans is an iconic global brand and a perfect fit for our vision at Cravatex Brands to create India’s premier platform for fashion, sportswear and wellness," said Rohan Batra, managing director at CBL. "We will be investing significantly into brand building by focusing on the Vans brand pillars and focusing on creating real authentic consumer conversations that embody the “Off The Wall” spirit’.’
VF Corporation, the company behind Vans shoes, North Face and Timberland had launched Vans through its partnership with Arvind Drands in 2011 and has since opened less then two dozen stores. Unlike other sports shoe companies that push their brands through popular events such as football and cricket, Vans, a $3 billion lifestyle brand has made its fortunes by creating marketing opportunities such as personalization, do-it-yourself design workshops and associating itself with pop culture and art.
"By combining the global strength of the Vans brand with CBL’s local market expertise, we are confident that Vans will forge even deeper connections with Indian consumers while expanding market share,” Scott Basham, Managing Director of Vans APAC said.
Rooted in California since 1966, Vans has grown steadily since VF Corp acquired it in 2014 and is aiming to reach sales of $5 billion brand by fiscal 2023. Over the past few years, India has demonstrated an increasing appetite for non-cricket sports, such as kabaddi, soccer, volleyball, hockey and badminton. The country now hosts professional leagues in most of these sporting disciplines, drawing participants from across the globe.