Skechers, an American footwear and athletic brand, is aiming to increase its presence in India.
Skechers, an American footwear and athletic brand, is aiming to increase its presence in India. It is looking to expand via franchising model. Skechers has 35 stores and is present in over 700 multi-brand outlets in India.
The brand, which recently dislodged Adidas and Puma to take the second position after Nike in the US this year, is primarily focussing on international business.
"International business is about 35% of our $3 billion turnover globally. It is the fastest-growing piece and we expect that it will have grown by over 45 per cent this year," David Weinberg, Chief Operating Officer and Chief Financial Officer, Skechers told PTI.
Skechers aims to double its India business in the next two years. It is planning to start manufacturing in the country, reported PTI. "We are looking at doubling our business and start manufacturing here in the next two years. We are still early in the process, but in the next 2-3 years it is incumbent on us to start manufacturing here," Weinberg further informed PTI.
Skechers anticipates its global turnover would hit $5 billion from the current $3 billion in five years, and that business outside of US would be well in excess of 50%. China is currently the largest international market for Skechers. The brand is expecting a turnover of $400 million in China by 2016 from $90 million in 2014. "We expect the brand to grow at a similar pace in India," Weinberg said.