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Industry & Competitive Context India's footwear market is large, price-sensitive, and structurally fragmented. According to a December 2023 credit assessment by ICRA, roughly 60 percent of the market by value is still served by unorganized manufacturers, reflecting both the price sensitivity of Indian consumers and the low capital intensity required to produce basic open footwear such as slippers and sandals. Within the organized segment, the leading listed players are Relaxo