Dubai - Mubasher: The Abraaj Group announced on Monday the acquisition of a significant minority stake in Capa de Ozono a fashion footwear designer, distributor and retailer in Mexico, according to the company’s press release.

Capa de Ozono was established in 1992 and today has 207 stores in more than 50 cities, including the six largest, as well as more than 300 wholesale clients and an online retail presence.

The Company is positioned to benefit from rising consumption and consumer credit expansion as well as the unprecedented growth of second-and third-tier cities in Mexico.

The footwear sector in Mexico is projected to experience strong market growth of 8% over the next five years, driven by demographic factors and growth in disposable income, according to the press release.

The new management team will focus on capturing new revenue opportunities by expanding the number of stores and diversifying product categories and business lines, Abraaj said in its statement.

Abraaj said it will also seek to strengthen the company’s record by improving energy efficiency throughout its distribution network, bolstering supply chain sustainability and enhancing corporate governance practices.

“We believe this is an opportune time to enter the apparel and footwear retail market in Mexico, which is enjoying high levels of growth as a result of strong consumer demand from the growing middle class,” said Miguel Ángel Olea regional head of Latin America and partner at Abraaj.

“Through a multi-channel approach from offline to online, the Company has built a strong sustainable model and enjoys a loyal customer base,” he added.