Skechers to begin manufacturing in India
California-based footwear retailer Skechers is looking into setting up a manufacturing plant in India, as it expects its local business to double 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," said David Weinberg, Chief Operating Officer and Chief Financial Officer of Skechers to India’s news agency, PTI.
"We'd like to export from here as well, by building our product here as an alternative to the Pacific Rim, and take it to markets like the Middle East (West Asia) and Europe," he added.
The lifestyle and athletic footwear brand, which trades in India in 35 stores and over 700 multi-brand outlets, expects to grow at least 50% in the next year. In three years, the company estimates it will see a turnover of $100 million, according to local media reports.
The brand is also investing in marketing and a retail expansion, with plans to open further franchised stores. Skechers entered the Indian market only three years ago.
Earlier this year Skechers became the second-largest athletic footwear brand in the US, surpassing Adidas. It anticipates its global turnover to reach $5 billion from the current $3 billion in 5 years, as it continues to focus primarily on international markets. Currently the brand’s largest international market is China.
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