American footwear maker Skechers USA Inc has bought out the minority share of Kishore Biyani-led Future Group in its joint venture in India, making it a wholly-owned subsidiary.
It did not reveal any financial detail. A PTI report quoted sources as saying Skechers paid close to ₹600 crore to acquire the balance 49 per cent stake in Skechers India.
The company had entered India in 2012 through the joint-venture.
“The company believes that combining the experienced team and Skechers’ proven sales and marketing capabilities will allow it to grow the brand and its presence in a faster, more efficient manner, ultimately meeting its fullest potential,” it said.
Michael Greenberg, Skechers President, said in a statement: “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.”
Skechers currently has 223 stores in India, of which 61 are owned and operated by the company while the remaining are third-party owned. The company plans to add 80-100 stores in 2019, of which about 20 will be company-owned and operated.