The Indian Wire » Business » Future Group exits its joint venture with Sketchers, sells 49% stake it owned.
Business

Future Group exits its joint venture with Sketchers, sells 49% stake it owned.

Sketchers

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.

Sketchers which entered Indian market in 2012, has been planning to expand its business by establishing manufacturing units in India. The global retailer, sells merchandise like Shoes, Socks, watches and Sunglasses and has more then 223 store.
The US based athletic footwear brand is rigorously making efforts to expand it business as  India being such a large market for sports merchandise is crucial for its future plans.
“The effort of our team has resulted in significant growth as illustrated in our year-over-year numbers — 2018 saw double-digit increases in wholesale and retail sales and an 80% increase in pairs sold, reaching 2.7 million,” said Weinberg in a statement.

Reach out to The Indian Wire!

Want to work with us? Looking to share some feedback or suggestion? Have a business opportunity to discuss?

You can reach out to us at [email protected] and we will get back in minutes.

Like us on Facebook!

Advertisement