Monday, June 24, 2024

Multibagger stock Lehar Footwears receives investment proposal of ₹18 Cr for business expansion

Lehar Footwears Limited (Lehar) announced that its proposal for a publicity campaign and brand promotion, which included an investment of Rs. 18 crores for three years and government assistance of Rs. 9 crores for three years, have been approved in accordance with the guidelines under the IFLDP’s “Brand Promotion of Indian Brands in the Footwear and Leather Sector” sub-scheme. 

A financial contribution of 50% of the projected investment up to Rs. 9 crores for three years would be made under the “Brand Promotion of Indian Brands in the Footwear and Leather Sector” initiative. These funds will be used by the company to promote Lehar’s mass-market footwear products in Tier II and Tier III cities as well as rural regions. 

Commenting on the approval, Mr. Raj Kumar Agarwal, Managing Director of Lehar Footwears Limited said: “At Lehar Footwears, it has been our endeavour to bring fashionable footwears at reasonable prices to the mass-segment consumers. Lehar’s promotional campaign is expected to bring more awareness amongst the target customers of the Company’s affordable-fashionable product range being offered to them over last three decades.”

Lehar Footwears, a leading regional mass-footwear manufacturer, announced on Thursday that it has engaged Bollywood actor Govinda as a brand ambassador. The company in an exchange filing said that the actor will endorse the company’s products as it targets customers in Tier II and III cities.

As part of this association, the artist will endorse Lehar’s product augmenting the company’s footprint. Under the campaign, the company has plans to undergo activities through outdoor marketing, print and digital marketing of its product portfolio.

Commenting on the engagement, Mr. Raj Kumar Agarwal, Managing Director of Lehar Footwears Limited said: “At Lehar Footwears, it has been our constant endeavour to bring fashionable footwears to the consumers of every gender, age and for every occasion. Lehar’s association with the artist will catalyse our expansion to different parts of country as well as introduce newer product lines. The promotional and branding campaign is expected to bring more awareness amongst the target customers of the Company’s product range being offered to them over last three decades.” 

Lehar Footwears was incorporated in 1994. It has four manufacturing plants in Jaipur and Chomu. The company has an installed capacity of 2 crores pairs per year. Lehar also exports footwear to Asian, African and Middle East countries.

While writing this copy the shares of Lehar Footwears were trading on the BSE at 104 apiece. In the last 1 year the stock has gained 183.98% and on a YTD basis it has rallied 13.90% so far in 2023.

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