Skechers eyes one billion dollars in India revenue
Skechers, which entered India in 2012 in a joint venture with Kishore Biyani’s Future Group, has opened 30 retail outlets in the country over the past four months and now has a total of 120 outlets. For the first time, Skechers turned profitable in India last year and the brand is continuing to grow.
“We do believe it [India] can be a multi-hundred million dollar country for us,” said David Weinberg in an investor call, “maybe even close to a $1 billion [6652 crore rupees] for us as we take hold and build through what’s a massive population as the middle class grows... Right now, we do less than $100 million [approximately 665 crore rupees] there. I think $60 million to $70 million as far as India is concerned for the year.”
Despite ambitious revenue targets, Skechers has experienced some difficulties in India. The brand is still in the lengthy process of trying to open its own manufacturing unit in the country. “It’s a little more difficult to get started in India,” conceded Weinberg, “but the brand is certainly resonating and our stores are certainly coping up. So we have increased: it was a nice size increase, certainly in the double-digits.”
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