Eid shopping made stress-free

Many middle-income people find it difficult to stick to their budget in the run up to Eid-ul-Fitr since they have to buy things for family members and relatives.

Crescent Footwear Ltd has come up with some relief for them, offering products at interest-free credits for six months to allow shoppers a stress-free shopping experience.     

Shoppers on a tight budget can now purchase quality footwear from the company's outlets in six major cities and district towns, including the capital, under a six-month instalment scheme.

The scheme is enabling shoppers to purchase products without bearing the burden of lump-sum payments and also at no additional cost.

Crescent Footwear, a company of Crescent Group, has set up 32 outlets in Dhaka, Chittagong, Sylhet, Tangail, Gazipur and Narayanganj.

These shops are offering equated monthly installment purchases for credit card holders. Others can also purchase footwear in three installments by giving bank cheques in six months.

To avail the scheme, customers will have to purchase products worth at least Tk 3,000. Their credit limit is Tk 15,000.

Credit card holders will have to buy products worth more than Tk 5,000 but there is no limit for them.

“Through the offer we are targeting middle class group. So far we have received good response,” said MA Kader, chief executive officer of Crescent Group.

He said a good number of middle-income consumers are not using credit cards so they can not avail the installment facility even though they can afford the products.

The CEO said though it is a new concept in Bangladesh, it exists in other countries.

Kader said the middle-income group can avail quality shoes thanks to the offer.

The company is running a massive campaign and has roped in national cricketer Sabbir Rahman as its brand ambassador. Hotlines it opened have been flooded with calls, said Kader. 

Customers will have to submit a photocopy of their national identification card and a written guarantee promising to pay back the dues to enjoy the scheme.

Crescent has signed agreements with Janata, Brac, City, Dutch Bangla, Mutual Trust, Standard, Premier and Prime banks to facilitate the smooth running of the scheme.

Crescent Group entered the tannery business in 1977 and has since become a strong brand.

The company has been exporting footwear since 2003. Its export destinations include most European countries, the US, Canada, Japan and China. It exports about six lakh pairs of footwear every year.

Crescent set up a separate company in 2015 to cater to the local market. It was an instant hit since the sales totalled more than US $200,000 in the first year of operations, according to its website.

It has four up and running footwear factories in Hazaribagh and Savar.

The company's finished products include shoes, sandals, ladies bags and wallets. It has a tannery to process raw materials.

“Thanks to the vertical integration of the factories and retails shops, Crescent can sell quality products at prices much lower than competitors,” Kader said.

Crescent Leather Products Ltd, the group's export-oriented company set up in 2005, manufactures top class leather products and exports under the brand name of Nodi.

The company's annual turnover was more than US $121 million in 2014, according to its website.

Kader, who owns 50 percent of the group's shares, said the group's vision is to make “Crescent” a household name in Bangladesh in the coming years and become a leader in leather exports.

“When I find people, especially in Europe and the US using our products I feel very proud. I think we can contribute to the nation,” said Kader.