Footwear maker Skechers USA recently bought out Kishore Biyani-led Future Group’s 49 per cent stake in its Indian joint venture (JV) for an unrevealed amount. Accordingly, now Skechers India has become a wholly-owned subsidiary of the American footwear brand.
In their statement, Skechers Chief Operating Officer David Weinberg said,
Few markets match the potential for growth of India, which is why we entered the market initially, and why we recently decided to purchase the minority stake in our joint venture.”
The company’s South Asia CEO Rahul Vira stated that this will allow the company to amplify its growth plans, accelerate the expansion of their operations and boost their attempts to build a stronger network across Indian market.
Currently, there are about 223 Skechers retail stores in India - 61 of which are Skechers owned and operated while the remaining are third-party owned. Further, the company plans to add 80 to 100 more stores for the year 2019.
Share
Tweet
