• About
  • Contact
Thursday, January 28, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home New posts

Skechers Spends 580 Crore INR to Become Independent Entity in India!

Sourav by Sourav
June 27, 2019
in New posts
2 min read
0
skechers logo
Share on FacebookShare on Twitter

Popular sporting footwear brand, Skechers, has bought out Future Group’s 49% shares in its joint venture. With that, it has become an independent entity in India. While the company has not confirmed any financial reports, experts estimate that they paid close to 580 Crore INR for this deal. Like many other international brands, Skechers has huge plans for its business in India. They’ve set the ball rolling for their expansion in the country, also may also expand their product portfolio to reflect the kinds of items they sell in the United States soon.

How and why does Skechers plan to expand its business in India?

Skechers is the second largest sporting brand in the US. However, one would not think that judging by its position in the Indian market. Sporting brand competitors like Reebok, Puma, Adidas, and Nike enjoy a far greater position in the Indian market. Furthermore, these brands are also looking to move beyond cricket, and plan to add more sporting elements to their product catalog too. Perhaps taking their cue from these brands, Skechers has decided to expand its grasp of the Indian market.

Now that they are functioning as independent entities, they plan to add their own manufacturing units in the country. This will not only improve logistics and distributions for them but may also warrant a revised pricing range too. Furthermore, Skechers also wants to introduce more products in India. As of now, they offer a wide range of products in the US like watches, sunglasses, socks, and apparel. Additionally, the brand wants to open at least 80-100 new stores in India. So it’s safe to say that they want to follow a more aggressive approach with regards to expansion as they plan to open all these stores in 2019.

India is a top priority market for many brands this year!

According to David Weinberg, the CEO of Skechers, “Few markets match the potential for growth like India does, which is why we entered the market initially and recently decided to buy the minority stake in our joint venture”.

Skechers is not the only international brand that is planning an aggressive expansion in India. British clothing brand, Marks & Spencer also plans to open 6 more stores in the next two months, in spite of having opened 9 stores over the last 6 months. India certainly offers a lot of potential for growth for many of these brands, which is why so many think that an aggressive expansion does not have wild risks in India.

Decathlon is another sporting brand that has been enjoying quite a bit of success in India. In 2014, they claimed that they planned to open 50 new outlets in the following 5 years. They also talked about how they want to open 100 stores in India someday, as they feel the country has the potential for growth that justifies such expansion. India has been its top priority market since its launch in 2009.

#skechers #footwear

Previous Post

Presenting EY Entrepreneur of the Year – Siddhartha Lal!

Next Post

PVR Plans to Raise $ 100Mn in Funding through QIP

Sourav

Sourav

Excellent story-teller, with a background in SEO and Digital Marketing. Likes to write and give form to opinion and incidents.

Related Posts

Jeff Bezos and Elon Musk Increased their Net Worth by $217 Billion in Pandemic Year
New posts

Jeff Bezos and Elon Musk Increased their Net Worth by $217 Billion in Pandemic Year

January 4, 2021
Bewakoof: Entrepreneurship Journey of two IITians to Leading Quirky Fashion Apparels
Case Study

Bewakoof: Entrepreneurship Journey of two IITians to Leading Quirky Fashion Apparels

December 28, 2020
How Ed-Tech Startups Took benefit of Pandemic
Case Study

How Ed-Tech Startups Took benefit of Pandemic

December 25, 2020
Postman: Journey of a Side Project to the Leading API Platform
Case Study

Postman: Journey of a Side Project to the Leading API Platform

December 24, 2020
Da Milano: Growing in Fashion Market with Affordable Price
Case Study

Da Milano: Growing in Fashion Market with Affordable Price

December 22, 2020
Vedantu: the Rise of an Online Ed-tech Start-Up
Case Study

Vedantu: the Rise of an Online Ed-tech Start-Up

December 17, 2020
Next Post
PVR Cinemas

PVR Plans to Raise $ 100Mn in Funding through QIP

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Reliance Retail SKDS- Next Big Brand

Reliance Retail Acquires Shri Kannan Stores (SKDS) for Rs 152.5 crore 

11 months ago
Harrier

Tata Motors Launches Highly Awaited SUV Harrier at ₹12.7 Lakh

2 years ago
cox-and-king-next-big-brand

Yes Bank invokes shares in Cox & Kings, Acquires 18.55%

2 years ago
Employers- Next Big Brand

Here are the Fortune 500 Top 10 Employers

2 years ago

FOLLOW US

  • 22.6k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Jio Ranked Fifth Strongest Brand in the World
  • Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi
  • Reckitt Benckiser leads INR 45 Crores investment round in Bombay Shaving Company

Instagram

Follow Me!

Latest News

Jio Ranked Fifth Strongest Brand in the World

Jio Ranked Fifth Strongest Brand in the World

January 28, 2021
Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi

Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi

January 28, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.