Skechers expanding retail, focusing on India market

Skechers is strengthening its position in India. The brand that has managed to dislodge Adidas and Puma to become the second largest sports and lifestyle footwear brand in the US after Nike, is aiming to replicate its success in India as well. The company is targeting a 100 million dollars (Rs 630 crores) turnover from its India operations in the next three years. As David Weinberg, CFO of Skechers USA says, the brand wants to replicate its US growth story across the globe, including India. Indeed, India is a newer market for the brand and they have just been here for three years. But within the next three, the brand aims to become a 100 million dollars brand in the country. However, it still has a long way to go to get anyway closer to Nike with 62 percent market share, it has clocked a growth of over 35 percent so far.

Skechers has a JV with Future Group for the India market. The brand meanwhile is looking to expand its retail. With 25 stores at the moment it plans to open another 35 to 45 this year. The brand is also present across metros and plans to expand to Tier I and II cities. It is retailed through 700 MBOs in 40 cities across India.