Skechers to wholly-own Indian subsidiary

India
Published:  07 March, 2019

The U.S. headquartered casual footwear brand has purchased the minority share of its joint venture in India, transitioning the business to a new wholly-owned subsidiary of Skechers USA, Inc.

Skechers said India is one of its fastest growing international markets and that combining the experienced team and Skechers’ proven sales and marketing capabilities will allow it to grow the brand and its presence in a faster, more efficient manner, ultimately meeting its fullest potential. “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, 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”.

In 2018, Skechers posted record fourth quarter sales of US$1.08 billion, up +11.4%, or 13.7% on a constant currency basis, with total annual sales reaching a record of US$4.64 billion. For the full year, sales grew +11.5% and gross margins improved 130 basis points “driven by strength in the Company’s international joint venture and subsidiary businesses, and Company-owned domestic retail stores.” Skechers’ net earnings in 2018 amounted to US$301 million and diluted earnings per share were US$1.92.

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