Skechers to launch apparel collection in India; to open 500 new stores
As it expands operations, American footwear major Skechers is looking at opening up to 400 more exclusive outlets in India within five years. Skechers, which entered India in 2012 through a joint venture with Future Group, is also looking at launching apparel and accessories collection by the middle of next year.
It operates 100 exclusive outlets in the country that are company-owned as well as franchises. “In the next five years, we should have 400-500 outlets in India. That’s the journey we want to embark on. We should be adding anywhere between 25-35 more outlets by end of this year,” Skechers South Asia Pvt Ltd CEO Rahul Vira.
As a pilot project, the company had tested the market for its apparel line with a small range. “We plan to launch apparel and accessories by mid of next calender year. It will be full range in apparel and accessories such as bags, socks and caps,” Vira remarked. “Launch, however, depends on lot of things, such as our supply chain, structural changes at the stores which are primarily designed for selling shoes.”
The company is looking at closing the current year with sales of over ` 500 crore. “We are growing at the rate of 100 per cent year-on-year. In the first half of this year, we have already done sales of ` 300 crore. We are looking at closing the year with sales of ` 500 odd crore,” Vira stressed. Skechers had reported sales of over ` 220 crore in India in the previous year. At present, the company fully imports products sold in the country. When asked if the company is looking at manufacturing locally in the near future, he was quoted: “Once we reach a certain scale and size, the company would look at options of manufacturing locally.”