Who really dominates India’s footwear market?

Metro Brands is now worth over ₹25,000 crore. That’s nearly 3 times Bata India and way ahead of names like Campus and Relaxo.

At first glance, it looks like a clear winner in India’s footwear market. But here’s where it gets interesting. This isn’t really about who sells the most shoes. It’s about how India’s entire footwear market is quietly changing.

India’s footwear industry is now estimated at roughly $18–20 billion, and it’s still growing steadily. But the real shift isn’t size. It’s behaviour. For years, the market was dominated by affordability. Think Hawai chappals, school shoes, and daily wear. Volume mattered more than brand.

That’s no longer enough.

Today, companies are chasing something very different. Premiumisation. Metro Brands is a perfect example. More than half of its sales now come from products priced above ₹3,000. That’s a signal that Indian consumers are slowly getting comfortable paying more for footwear, especially in urban markets.

At the same time, a completely different story is playing out in the mid-market. Campus Activewear has built its entire identity around affordable sneakers. It sits right in that sweet spot where consumers want sporty, branded-looking shoes but don’t want to spend like they would on Nike or Adidas. This segment is exploding, driven largely by younger buyers and smaller cities.

Then there’s Bata, which has been quietly trying to reinvent itself. It’s not just about formal shoes anymore. Its casual line, Floatz, crossed ₹100 crore in revenue fairly quickly and is already contributing a meaningful chunk of sales. That tells you something. Even legacy brands know the game has shifted.

Relaxo, on the other hand, still plays the scale game. It’s strong in the mass segment, but the market today is rewarding companies that can move up the value chain. Investors are clearly placing higher bets on premium and branded plays rather than just volume.

Policy is also stepping in. The government’s new footwear and leather push aims to generate ₹4 lakh crore in turnover and over ₹1 lakh crore in exports. GST cuts on footwear below ₹2,500 could further boost demand in the mass segment. And exports are picking up, with India crossing roughly $5.7 billion recently.

But there’s a catch. India still holds less than 2% share in the global footwear trade. Countries like Vietnam and China are way ahead, especially in non-leather footwear, which is where global demand is shifting.

So while Metro might be leading on Dalal Street, the real story is bigger. India’s footwear market is splitting into three lanes. Affordable mass, aspirational mid-market, and premium branded retail.

And for the first time, all three are growing at the same time.

Which means this isn’t just about who dominates today. It’s about who understands where India is walking next.