Will Paragon’s Gen Z gamble for new brand EEKEN pay off?

Established in 1975, Kerala-based Paragon Footwear is now looking to target the hip and savvy Gen Z with its new athleisure and lifestyle brand EEKEN. Designed in London and made in India, the name ‘EEKEN’ comes, quite literally, from the middle of the ‘weekend’. EEKEN range will focus on shoes (Lifestyle, Canvas and Athleisure), Sandals and Flip-flop segments. 

With a price range from Rs 999 to Rs 2,999, the EEKEN range will have over 80 shoe designs in the first phase. 

Talking about the launch, Sachin Joseph, EVP Marketing, EEKEN & Information Technology, Paragon Footwear, said, “India is the fastest growing market for athleisure and sportwear. We are thrilled to bring our top of the line offering to our loyal consumers, who are young, ambitious and always on the move. The EEKEN range will please discerning audience across age groups. Paragon is renowned for quality, durability, and value for money amongst its consumers. With EEKEN, we will push the envelope for design and style in athleisure and lifestyle segment.” 

During the first phase of EEKEN launch, the company will enter markets like Mumbai, Pune, Nagpur, Nasik, Ahmedabad, Hyderabad and Bangalore. The second phase expansion will cover other metros and cosmopolitan cities throughout the country. Paragon Footwear’s key strength is its widely spread dealer and distributor network, covering 2.5 lakh retailers nationwide. 

Given the youth profile of its TG, EEKEN is focussing on digital marketing to increase reach. The brand has roped in Dentsu Webchutney in this endeavour. 

Out of the overall market for open and closed footwear, nearly 60 per cent of the market is unorganised and 40 per cent of the market is organised. In next three years, the company plans to target Rs 500 crore from the brand. 

The men’s footwear category makes up approximately 60 per cent of the market and is growing at a CAGR of 10 per cent, while women’s footwear accounts for 30 per cent and is expected to grow at a CAGR of 20 per cent, while Kids contribute to 10 per cent of the market and growing at a CAGR of 12-15 per cent. 

Joseph Zachariah, Director - Sales & Marketing, Paragon Footwear, remarked, “Youngsters today are opting for sporty looks and this trend is driving the growth of athleisure market. EEKEN will operate in the mid-priced segment, but in the affordable lifestyle segment. We are coming up with 80 designs to suit the aspirations and need of 18-25 years age group across middle class income household. Our offering is designed to please.” 

The athleisure and lifestyle segment is dominated by global players like Nike, Adidas, Puma, Reebok and more. Hence, it will be an uphill task for Paragon to create a place for a newcomer like EEKEN in this segment. Paragon is perceived more as a company offering sandals, flip-flops and chappals. The brand has roped in film stars as brand ambassadors, namely Hrithik Roshan, Samantha Ruth Prabhu and Mahesh Babu.