Skechers acquires Future Group's 49% stake in joint venture

Skechers, the US-based footwear and lifestyle firm, has acquired Kishore Biyani-led Future Group’s 49% stake in its Indian joint venture (JV). While the two firms did not disclose the value of the deal, officials said Skechers paid nearly Rs 580 crore for the 49% stake.

With this acquisition, Skechers India has become a fully-owned subsidiary of the American footwear major.

David Weinberg, Chief Operating Officer of Skechers, said, "Few markets match the potential for growth of India, which is why we entered the market initially, and why we recently decided to purchase the minority stake in our joint venture." 

Rahul Vira, CEO, Skechers South Asia, stated, "This development will enable the company to amplify its growth plans, accelerate the expansion of its operations and build a stronger network to further gain market share in India."

"The effort of our team has resulted in significant growth as illustrated in our year-over-year numbers — 2018 saw double-digit increases in wholesale and retail sales and an 80% increase in pairs sold, reaching 2.7 million," Weinberg added.