SKECHERS launches Latin America subsidiary
Skechers announced Tuesday that it is transitioning from a third-party distributor to a wholly owned subsidiary, Skechers Latin America LLC.
The Panama City-based company will oversee over 30 countries in the region, including Panama, Peru, Colombia and Costa Rica where the company has showrooms. The company plans to grow its operations by transitioning its 21 Skechers stores in Latin America to subsidiary-owned and –operated locations and by expanding its retail locations and account distribution base.
“Skechers’ strategic business model has established a strong framework for our brand to grow in many parts of the world – and we see Latin America as the next natural destination for us to employ this vision,” said David Weinberg, Chief operating officer of Skechers.
“With the increased demand for our brand and incredible growth that Skechers has experienced over the last few years – including our international wholesale business, which has grown more than 60% in the second quarter of 2015 year over year – we see an opportunity to drive our Latin American business to the next level. We believe that we can use the strengths of our marketing, advertising, capital and infrastructure to significantly grow this key market, helping it reach its full potential.”
Daniel Bassan, Dabsan International's President, will help manage Skechers Latin America. Dabsan International at one point became the largest distributor of Skechers in Latin America. Skechers today is the number two US sports footwear brand.
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