Sketchers Aims To Become Rs 1000 Crore Brand In India

Skechers, American footwear major’s Indian arm, is aiming to become Rs 1,000 crore brands in the next 5 years in the country. The growth will be fuelled by rapid store expansion, new category launches and starting manufacturing in the country.

Rahul Vira, CEO of Skechers South Asia said “The company clocked Rs 220 crore in revenues in the last calendar year, and now is expecting to increase its revenue to Rs 500 crore by December 2017. Company will make the investment to expand the retail infrastructure, technology, people, and marketing. He, however, did not disclose any number. By end of 2020 or early 2021, we should have anywhere between 400-500 stores operational in India. At the moment we have 113 stores operation. Most of the stores will come up in tier II cities.”

Skechers’ bigger rival in India Adidas already became the first brand in the country’s sportswear market to cross Rs 1000 crore turnover in a single financial year by posting revenue of more than Rs 1,100 crore in fiscal 2016-17. Adidas had posted revenue of Rs 898 crore during the corresponding period last year.

Going forward you will see us adding a lot more products to the Skechers portfolio in India. Globally we sell watches, apparels, socks, sunglasses and a lot of other products and over the course of next 3 years you will see a lot of these products coming to India.

Currently, Skechers imports products from China and Vietnam to serve the domestic demand.

Skechers will also soon launch its e-commerce portal, Skechers.in, which will help the company to improve its online sales and improve customer engagement.