The Hindu Business Line : M&B issues LoI to Worldwide

NEW DELHI: M&B Footwear, the licensee of `Lee Cooper' brand of shoes in India, has issued a letter of intent (LoI) to Worldwide Leather Exports Ltd for the manufacture of a premium range of shoes under the `Marco Ricci' brand of Italy.

Worldwide Leather Exports on Saturday informed the BSE that the company has received a LoI from M&B Footwear for the deal.

The Noida-based M&B Footwear had recently commissioned a new plant for manufacturing Lee Cooper and ID shoes at Baddi in Himachal Pradesh, at an investment of Rs 4 crore. The company's existing plant at Noida has a capacity to produce 55,000 pairs of shoes per month.

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