Skechers targets Rs 1000 crore revenue in India in next five years

American footwear major Skechers, is targeting becoming a Rs 1,000 crore brand in the next five years in India. Growth will be fuelled by rapid store expansion new category launches and manufacturing in India. Rahul Vira , CEO of Skechers South Asia says the company touched Rs 220 crore in revenues in the last calendar year and is currently looking at increasing its revenue to Rs 500 crore by December 2017.

The company will invest in expanding its retail infrastructure, technology, people, and marketing. By end of 2020 or early 2021, the brand aims to have between 400-500 stores in India from 113 as of now. Most of these will come up in Tier II cities. At present the company operates around 25 per cent stores in smaller towns. Skechers has already crossed a turnover of Rs 300 crore in the first half of the year.

Skecher’s bigger rival in India is Adidas which has already become the first brand in the country’s sportswear market to cross Rs 1000 crore mark in a single fiscal by posting revenues of over Rs 1,100 crore in 2016-17. German sportswear brand Puma reported a turnover of Rs 921 crore for the January-December 2016 period. Skechers recently introduced apparels range, 'Skechers Street', in select stores in India as a part of a pilot to get customer feedback. The brand is expected to add more products. Internationally they sell watches, apparels, socks, sunglasses and a lot of other products and over the course of next three years many of these products is expected to come to India by manufacturing in India once it reaches the scale and size to make it a viable option.