Home Retail Skechers to open 300 new outlets over next five years

Skechers to open 300 new outlets over next five years

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US-based apparel and footwear company is planning to add around 300 new stores to take the total count to 400 outlets in India over the next three to five years, a company official said.

Skechers to open 300 new outlets over next five years
The company, which had last week opened its 90th store in Gurugram, is expecting to close this fiscal with Rs 500 crore sales

According to a PTI report: As part of its expansion plans, the company is looking to focus on the Tier II and III cities besides its existing metro markets and tap online segment by adopting Omnichannel approach.

Besides, the Manhattan Beach, California-based firm would also add products to its offerings into the apparel and accessories category.

“In the next three to five years, we are looking to add around 200 to 300 stores,” Managing Partner, Skechers Sarl, told PTI.

The company, which had last week opened its 90th store in Gurugram, is expecting to close this fiscal with Rs 500 crore sales.

However, Bernstein did not share the investment involved in the expansion of sales network.

“I think we have just started in India… Our current and future expansion is across metro and Tier II and III towns,” he was further quoted by PTI as saying.

The added products in the segment would include socks, bags, caps, shoecare, among others.

“In India the apparel section was launched last week… By next year, the other accessories should be launched,” the company was quoted by PTI as saying.

Skechers has adopted a cautious approach in the online space here, as it did not support the discounted model of sale. It is adopting Omnichannel approach by integrating online and offline.

“In another 3-6 months’ time, we are already going live with Skechers.in and it (stores) would be integrated with that,” Bernstein further told PTI.

Presently, Skechers is importing its range here but is also open for domestic sourcing, when the need arises, he added.

Skechers is maintaining 50:50 ratio of company owned and franchise-based model presently and looks to retain the same business model.

“In the long run more franchise store would open and ratio would be higher,” he told PTI.