Skechers USA has acquired Future Group’s 49% stake in its Indian joint venture (JV) for an undisclosed sum.
An India Today report suggests the footwear retailer paid around Rs600bn ($84.31m) for the stake. The deal will enable the company to operate the Indian JV as a wholly-owned subsidiary.
Skechers India will now leverage the group’s sales and marketing capabilities and its team to strengthen the brand in the country.
Skechers president Michael Greenberg said: “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.
“The substantial existing retail network of over 200 stores, a strong wholesale business, and a recently launched e-commerce site is a solid foundation that we can build upon.
“These accomplishments, as well as opportunities we see to increase the brand’s exposure and drive sales, give us great optimism and confidence for the growth of Skechers in India.”
The Indian business will continue to operate from its headquarters in Mumbai, Maharashtra and will run the business under its current structure.
Sketchers currently operates 223 retail stores including 61 company-owned and operated locations across India.
The company also operates an online platform to offer a range of footwear and apparel for men, women and kids.
The Indian JV also plans to open 80 to 100 stores this year including 20 company-owned and company-operated locations.
Skechers South Asia CEO Rahul Vira said: “As we look into the future, we are delighted to be a wholly-owned subsidiary of Skechers. This development will enable us to amplify our growth plans, accelerate expansion of our operations and build a stronger network to further gain market share in India.”