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Skechers Takes Control of India Business as Company Amps Up Global Expansion

Skechers is bringing its business in-house.
In a bid to expand the presence of its international retail network, the footwear retailer announced that it had bought out fashion and lifestyle conglomerate Future Group from the minority share of its joint venture in India, taking its 49 percent stake to make Skechers South Asia Pvt. Ltd. a wholly-owned subsidiary.
The South Asian country is considered one of Skechers’ fastest-growing and largest international markets, with 223 stores with 61 owned by the company and the remaining operated by third parties. The Manhattan Beach, Calif.-based company also plans to open an additional 80 to 100 stores this year. (About 20 of those locations will be company-owned and -operated.)
“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,” president Michael Greenberg said in a statement. “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. These accomplishments, as well as opportunities we see to increase the brand’s exposure and drive sales, give us great

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Via:: https://footwearnews.com/2019/business/mergers-acquisitions/skechers-india-business-acquired-1202744354/