Shoe maker Gabor is planning to expand into the fashion and accessories market with a range of handbags and other fashion products.

The company, whose shoes are sold by 6,500 retailers worldwide, also plans to open between three and five of its own shops each year to grow sales of its new product lines.

CEO Achim Gabor told Handelsblatt the company will open three locations in Germany, Austria and Portugal this year.

He also said the shoe firm expects annual turnover to rise by 5% to EUR265m (US$334m).