The joint venture between US footwear brand Sketchers and Future Group came to an end when Future group sold its 49% share in the venture to Sketchers. With this sketchers will now manage Indian operations independently. Although, the exact details of the deal are not yet out, but as per some officials close to the matter, Sketchers has paid around ₹ 580 Crore for the aforesaid deal.
“Few markets match the potential for growth like India does, which is why we entered the market initially, and recently decided to buy the minority stake in our joint venture,” said David Weinberg, chief operating officer of Sketchers.
In Indian market, Puma, Nike, Reebok and Adidas are much bigger player as compared to Sketchers or Future groups. All of these sports merchandise seller have been able to associate sports merchandise with lifestyle, which has deepened their presence in the Indian market.