Skechers expects sales to double in current fiscal, to launch apparel collection in India

By

Maverick Martins

Published
Sep 25, 2017

American footwear giant Skechers is expecting its India sales to touch Rs 500 crore (approx $77.3 million) in the current financial year and will soon be launching its full range of apparel & accessories collection in India, said a senior company official.
 

Sketchers had reported sales of over Rs 220 crore (approx $34 million) in the last financial year and is positive that the sales will touch Rs 500 crore (approx $77.3 million) this year as it has already registered sales of Rs 300 crore (approx $46.4 million) in the first six months.
 
The brand had introduced an apparel line on pilot basis last month and after receiving positive response from the customers is looking to extend the same across all platforms by next year.

"We plan to launch apparel and accessories by mid of next calendar year. It will be full range in apparel and accessories such as bags, socks and caps," Skechers South Asia Pvt Ltd CEO Rahul Vira was quoted by a news agency PTI.
 
"Launch, however, depends on lot of things such as our supply chain, structural changes at the stores which are primarily designed for selling shoes," he added.
 
"We are growing at the rate of 100 per cent year-on-year. In the first half of this year, we have already done sales of Rs 300 crore. We are looking at closing the year with sales of Rs 500 odd crore," Vira added.
 
Skechers had reported record-setting worldwide sales of $1.026 billion in its second quarter of fiscal 2017. The company had earlier said that it will be adding 400 stores across the country expanding in metros tier II & tier III cities and also launch its own e-commerce portal over the next five years.
 
Skechers entered that Indian market 5 years back with joint venture with Kishore Biyani-led Future Group. It currently has around 90 stores in India with a 50:50 ratio of company owned and franchise stores. Apart from its offline stores, Skechers is available on leading e-commerce platforms like Myntra, Flipkart, Amazon, Jabong, Snapdeal and others.