Published On:May 25 2016
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American footwear major Skechers to double store count in India.
American footwear major Skechers is looking to double the number of stores in the country to 100, a top company official said.
The company said it is also planning to launch its apparel and accessories collection next year.
'This year we plan to add 50 stores, taking our count to 100,' Skechers India CEO Rahul Vira told PTI.
'We plan to have a healthy mix of 50:50 own stores and franchise-owned and going forward, the franchise business would be slightly on the higher side because in a country like India it makes more sense to go through the franchise route because that really drives the business in the markets where we don't have our infrastructure,' he added.
He added that typically a 100-150 sqft store entails an investment of Rs. 1.5 crore.
The company entered India in 2012 through a JV with Kishore Biyani-led Future Group and now has presence across 700 multi-brand outlets in the country.
Skechers is growing at a fast clip of 70 per cent year on year in India and plans to expand its consumer base.
'We still are not present in a lot of markets. So our focus would be to enter those markets and build our consumer base. There is a huge potential for us to grow in the Indian market.
'In tier I and mini metros, we still are not present in the manner that we should be. Also, we will look at tier II and tier III cities but getting the right real estate is important for us,' he said.
It plans to set up its manufacturing unit in the country in the next three to five years.
'We would be looking at setting up our manufacturing and that would be our mid to long term plan. So as the market evolves and we start gaining grounds in the market, it would (take) three to five years,' he said.
Skechers sells its footwear in the country and plans to launch its apparel and accessories next year.
'We are evaluating apparel and accessories and hopefully we should be able to bring those product lines soon for our consumers, probably next year,' he added.
The company, which received the FIPB approval for single-brand retail in India last month, plans to hawk its products through its website skechers.inlive by third or fourth quarter of this calendar year.