Casual footwear brand Skechers USA has purchased the minority share of its joint venture in India, transitioning the business to a new wholly-owned subsidiary.
Already one of the fastest growing and largest international markets for Skechers, the company believes the move will allow it to grow the brand and its presence in a faster, more efficient manner.
“Skechers is still a relatively young brand in this country, having been in India for less than a decade, yet in the last five years, we have seen significant growth through our joint venture,” says Michael Greenberg, president of Skechers. “The substantial existing retail network of over 200 stores, a strong wholesale business, and a recently launched e-commerce site is a solid foundation that we can build upon. These accomplishments, as well as opportunities we see to increase the brand’s exposure and drive sales, give us great optimism and confidence for the growth of Skechers in India.”
The network of Skechers retail locations in India currently includes 223 retail stores—61 of which will be Skechers owned and operated while the remaining are third-party owned. An additional 80 to 100 stores are planned for 2019—of which about 20 will be company-owned, company-operated.
The Skechers India subsidiary will continue operating under its existing structure and from its existing headquarters location in Mumbai.
“Skechers in India has achieved great success over the past few years,” adds Rahul Vira, CEO, Skechers South Asia Pvt. Ltd. “As we look into the future, we are delighted to be a wholly-owned subsidiary of Skechers. This development will enable us to amplify our growth plans, accelerate expansion of our operations and build a stronger network to further gain market share in India.”