Skechers has bought its joint venture partner in Skechers India, taking the business inhouse.
Skechers India has 223 retail locations across the country, 61 of which are company owned and operated, with the remainder franchised. Last year, Skechers saw double-digit increases in wholesale and retail sales and an 80 per cent increase in pairs sold, reaching 2.7 million.
An additional 80 to 100 stores are planned for this year – of which about 20 will be company-owned.
The dual-ownership model is expected to allow Skechers India to grow and expand its presence faster, the parent company said in a statement.
“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,” said 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.”
Rahul Vira, CEO at Skechers South Asia, said the company was delighted to become 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,” he said.
Skechers India will continue operating under its existing structure and from its existing headquarters in Mumbai.