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In expansion mode, Skechers acquires more office space in India

Informist, Saturday, Nov 26, 2022

 

By Janaki Krishnan 

 

MUMBAI – Skechers South Asia Pvt Ltd has acquired five office units in Andheri East, Mumbai, for 718.2 mln rupees, property registration documents showed. The total area of the offices is 32,644 sq ft, documents with data analytics firm CRE Matrix showed.

The company, which is looking to rapidly scale up its presence in India, has bought the units in the Fulcrum Building, where it already acquired space for 1.8 bln rupees in February.


The multinational lifestyle and athletic footwear company paid a stamp duty of just over 43 mln rupees on the transaction. 

 

Over the past year or so, Skechers has been investing heavily in expanding its distribution infrastructure in countries such as India, China, Canada, and South America.

 

In June, it announced setting up a 1.1-mln-sq ft warehouse at Lodha's industrial and logistics park in Palava, near Mumbai. This centre is expected to expand the company's distribution capabilities in India five-fold and lead to faster growth of the brand in the country in the next four to five years. 

 

At the time of announcing the investment in the centre, Skechers Chief Operating Officer David Weinberg had said that growing its infrastructure capabilities in India was a significant step towards strengthening the company's presence in the country.

 

Weinberg has also said that the Indian sneakers market, with a size of $2.6 bln, is seen growing 11% annually over the next five to six years. 

 

Skechers came to India in 2012 and has over 330 stores across the country, while customers can also shop online. The California-based footwear company is owned by the Jewish Greenberg family. For the 12 months ended Sep 30, it reported a revenue of $7.2 bln. 

 

According to Statista, India’s total footwear market size is about $24 bln currently and growing at 6.8% annually.  End

 

US$1 = 81.69 rupees

 

Edited by Aditya Sakorkar

 

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