Skechers buy Future Group's 49% stake
By MYBRANDBOOK
A US-based lifestyle and footwear brand Skechers has been a part of the Indian market indirectly for a long time. US’ second largest shoe brand had entered in India in 2012 and claims to have been witnessing significant year-on-year growth ever since. Last year, it has seen over B2B and B2C sales increase by at least over 10 per cent. Further, the number of pairs sold rose by 80 per cent to 2.7 million.
Skechers has bought Future Group’s 49 per cent stake in their joint venture for about Rs 580 crore. The company earlier used to sell its product via several B2B and B2C platforms in India, and the joint venture with Future Group was a major part of that.
These figures, reflecting the market’s potential for growth, boosted the company’s plans to have a larger independent presence in India to open 80-100 more stores, out of which they will own and control 20 stores directly. On the worldwide scale, the company has 223 self-owned stores which also count 61doors, as per the report.
The fact that Skechers has had a huge conflict with Flipkart in July last year, can also be one of the motivators behind the decision to opt for an independent run. Flipkart had engaged in the selling of fake Skechers shoes imported from China via its sellers over the platform. When Skechers had filed a case, Flipkart had reportedly offered cash and business proposition as an out of court settlement. However, the case is still open.
For Kishore Biyani led Future Group, this exit is a positive move. It had expected to clock Rs 2,500 crore in revenue from footwear sales this year, and it already owns 3 popular chains for that – Lee Cooper, Converse, and Clarks. Earning Rs 580 crore in the exit is beneficial for the company as it will be able to invest the money in the best of the options.
Not to forget that its term sheet agreement with Amazon has been put on hold after the new FDI norms. In this agreement, Amazon was all set to buy 10-15 per cent stake in Future Group for about Rs 2,500 crore, but put a brake on the processing after the FDI policy change was enforced this February.
BREAKING NEWS
TECHNO TRENDS
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
CommScope celebrates its 25 years of legacy in India by contin
A strong brand must also reflect the company values and speak exactly what
Acuutech continues to focus on innovation, customer focus and
Acuutech with its strong partnership with Lenovo and Microsoft forayed into
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
POLYCAB INDIA PVT. LTD.
SECLORE TECHNOLOGY PVT. LTD.
SECUREYE SERVICES PVT. LTD.
OPTIEMUS INFRACOM
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Madhabi Puri Buch
Madhabi Puri Buch is the chairperson of the securities regulatory body...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Hari Om Rai
Hari Om Rai is the Co-founder, Chairman & Managing Director of Lava In...
PARTNER SPEAKERS
PSU
ITI Limited widening its focus area
ITI Limited is a public sector undertaking company, has manufacturing ...
TCIL continues to strengthen India with its technology expertise
TCIL undertakes consultancy & turnkey projects in the field of Telecom...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
VIDEOS
Top 25 Brands
Value-Added Distribution
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
