Gino Rossi wants to consolidate footwear market

"In September we shall meet with representatives from various domestic and foreign companies within the shoe-and-clothing sector," said Maciej Fedorowicz, president of Gino Rossi.

The firm has already met with footwear company Wojas but, for the time being, both parties want to give the issue a lot of consideration and analysis. "As a businessman I would consider different types of mergers. I will choose the most favorable mode for the shareholders. I will not insist that Gino Rossi is the purchasing party," said Fedorowicz.

Funds for investment were to be raised through the bourse, but due to difficult situation on the stock exchange those plans have been changed. For the time being Gino Rossi is transferring manufacturing to India and in two years around 60 percent of production will be sourced from there.

"The Polish shoe market has always been very fragmented and is in need of consolidating - it has to come, sooner or later," Joanna Banakiewicz-Brzozowska, director of Świat Butów magazine and an annual reference book for the market, told WBJ.

Market consolidation is expected to be the subject of much debate at the upcoming Footwear, Leather and Leatherware Fair in Poznań.