AKI India Ltd, a leather goods manufacturer in Kanpur established in 1994, has announced a partnership with UK-based NPS Shoes Ltd, founded in 1881, a footwear company from Northamptonshire. The aim is to introduce the Solovair range of leather shoes to the Indian market. AKI will hold a 25% stake, while NPS will own 75% of the joint venture, focusing on manufacturing, dealing, and exporting leather shoes in India and globally.
Asad Kamal Iraqi, Founder & Chief Executive of AKI India Ltd, emphasized the significance of the collaboration, stating, “Our partnership with NPS Shoes marks a significant step in our journey of value creation. We aim to bring the Solovair brand to India and leverage this collaboration for mutual growth and innovation in manufacturing.”
As part of the agreement, NPS Shoes Ltd and AKI India will nominate an equal number of subscribers to the new company’s memorandum and articles of association, with a commitment not to transfer the shares allotted by the new company within five years.
Christian Castle, Managing Director of NPS Shoes Ltd said, “We are thrilled to explore new possibilities with AKI India. With the Indian market booming – riding on economic optimism, the demand for high-quality lifestyle products is accelerating. We proudly welcome our flagship brand – Soloviar, to India soon. At the same time, we are happy to collaborate with AKI to tap the mutual strengths and expand our markets of presence globally”.
About AKI India Ltd
Established in 1994, AKI India Ltd began by manufacturing leather saddlery and harness products for equestrian sports, later expanding its product range to include leather footwear, bags, belts, and finished leather. The company operates in India, Europe, Australia, the UAE, and South Africa. In FY2023, the company reported a turnover of Rs. 55 crore, with a profit after tax of Rs. 1.08 crore. As of June 30th, 2023, the company’s revenues for Q1FY24 stood at Rs. 14.40 crore, with a PAT of Rs. 0.32 crore.
