Skechers USA has reported an 85% decrease in plastic material in its footwear packaging. Credit: Rudiannag.

Skechers USA has acquired Future Group’s 49% stake in its Indian joint venture (JV) for an undisclosed sum.

An India Today report suggests the footwear retailer paid around Rs600bn ($84.31m) for the stake. The deal will enable the company to operate the Indian JV as a wholly-owned subsidiary.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Skechers India will now leverage the group’s sales and marketing capabilities and its team to strengthen the brand in the country.

Skechers president Michael Greenberg said: “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.

“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.

“Skechers is still a relatively young brand in this country, having been in India for less than a decade.”

“These accomplishments, as well as opportunities we see to increase the brand’s exposure and drive sales, give us great optimism and confidence for the growth of Skechers in India.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Indian business will continue to operate from its headquarters in Mumbai, Maharashtra and will run the business under its current structure.

Sketchers currently operates 223 retail stores including 61 company-owned and operated locations across India.

The company also operates an online platform to offer a range of footwear and apparel for men, women and kids.

The Indian JV also plans to open 80 to 100 stores this year including 20 company-owned and company-operated locations.

Skechers South Asia CEO Rahul Vira said: “As we look into the future, we are delighted to be a wholly-owned subsidiary of Skechers. This development will enable us to amplify our growth plans, accelerate expansion of our operations and build a stronger network to further gain market share in India.”