Over the last years the increasing economic growth in Bangladesh has encouraged the leather sector and this condition results in an intense competition among the leather products industries particularly footwear industries and it has encouraged companies to produce quality products in order to meet customers’ satisfaction. The entry of new players, coupled with marketing campaigns, steady growth of the economy and political stability in the last several years boosted the local footwear market. It also helped the local brands to offer a wide array of designs and better quality products at affordable prices. People now prefer local brands, and thus Bangladesh’s footwear sector has occupied a strong position in local market. It is good news that companies, which were export-oriented previously, are now entering the local market.
The growing demand among the fashion conscious middle class is helping expansion of country’s footwear market. A better purchasing capacity and the growing population are increasing the demand for footwear and encouraging local brands to increase efforts to grab the market. Reportedly, the local exporters are incorporating new stores in the domestic market in large numbers as the market is fast expanding and customers’ demand for high-quality
footwear has increased. We envisage that the
more the local brands will replace the foreign ones, the more the country’s economy will be benefited as local currency will not go outside the country.
Market insiders observed that, only a decade back, wearing foreign shoes was a common fashion of the citizens in Dhaka, but that trend has changed to a larger extent. People are now comfortable in using locally made branded shoes, thanks to the local manufacturers for their outshining performance. Many of the branded footwear companies now have multiple showrooms of their own in different parts of the capital and also across the country. This is for sure assisting the leather industry of the country to grow and flourish further. For quite a number of years the country’s leather industry has been going through many ups and downs. But with an expansion of local footwear companies the leather sector has found a way to recover from the injury it has received. In this regard, the government can encourage the manufacturers by providing some tax benefits which will promote more companies to manufacture quality products with a comparatively cheap cost. But at the same time, the companies, too, should conduct research on how to retain or stabilize the growth tempo in the future.
The industry has a lot of potentials and there is scope to lose it.