The new stores are part of an acquisition deal with Western Australia-based Betts Group, which last month announced a plan to focus on its flagship stores and online business.
The deal comes after MFG’s acquisition of Fusion Retail Brands, the owner of shoe brands including Williams, Mathers, Diana Ferrari and Colorado, in June last year.
MFG has bought all 22 Betts and Airflex sites in six states and territories, offering all 112 staff members employment in the newly branded Midas, Mathers and Williams stores.
The acquisition will see MFG gain market share in new locations and bring the popular Midas brand to the west coast of Australia, where it currently operates a number of Midas concession outlets in David Jones in WA.
“Selective growth of our store network is considered complimentary to our ongoing investment in online, which is contrary to how much of the sector is acting at the moment,” said MFG chief financial officer Marcus Bartlett.
“Our customers tell us there is still a strong demand for physical shoe stores and we are making the most of the opportunities caused by uncertainty in the market to expand our network,” he said.
Bartlett said the new stores are predominantly in markets where MFG does not have physical footprint.
MFG also operates Australia’s largest online shoe store, Styletread, which last May reached the milestone of $100 million in revenue since it was founded in 2010.
Bartlett said while they remained committed to the traditional shoe store, online was still an important focus.
Online currently makes up over 10 per cent of MFG’s sales and is expected to reach 20 per cent in the next three years.
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