German footwear company to shift operations to India, from China!
The Wuhan Province in China is considered to be Ground Zero for the COVID-19 Pandemic's outbreak! This deadly virus is now sweeping the world and has claimed lives in lakhs and is still continuing to infect people and claim lives. Many countries which have their operations in China, have been looking at other places to shift to and the Indian Government had earlier mentioned that they would be trying to attract such companies and improve their investment in India. This is now coming to pass as a popular German footwear brand has decided to shift their entire 3 million pairs annual production facility from China to India!
Casa Everz GmbH owns the Germany-based healthy footwear brand Von Wellx and they have 2 shoe production facilities in China, which manufacture over 3 million pairs of shoes annually. We now hear that this company is shifting its production facilities to India, following a tie-up with Iatric Industries Pvt Ltd. This new production facility will come with an initial investment of Rs. 110 Crores. Iatric Industries already has a production capacity of 5 lakh pairs and is making shoes for the Von Wellx brand but it will now scale up its production over the next 2 years as Phase 1 of the investment. Phase 2 will have ancillary industries being set up for making raw materials available for the production of these shoes! Reports state that this company chose India over other countries, as it believes our nation to be the next manufacturing powerhouse of the world, if it is supported well by business conducive government policies!
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