SKECHERS USA Inc announced that it is expanding its sales and distribution in China through a joint venture (known as SKECHERS China) with Luen Thai Enterprises, a conglomerate based in Hong Kong with investments in various industries in Asia, North America and the Pacific Region. Over the next three years, SKECHERS China expects to open more than 1200 points-of-sale for the brand across China.
In addition to SKECHERS footwear, SKECHERS China will design and market a collection of SKECHERS-branded men's and women's fashionable active and leisure wear. The apparel, which is expected to reach market in 2009, will be designed as an extension of the footwear and should further grow the brand in China.
“China's share of the global footwear market is estimated at close to $9 billion for 2008 with this number increasing due to the growing middle class,” stated Willie Tan, CEO of Luen Thai Enterprises and SKECHERS China. “SKECHERS is a famous global brand and there is a huge market segment in China waiting to be satisfied by SKECHERS' trendy lifestyle footwear products. We expect to reach $10 to $15 million of sales by year-end 2008.”
“To SKECHERS, China is a country of giant potential -- 1.3 billion people, steady market growth and rapid retail growth,” began Michael Greenberg, president of SKECHERS and chairman of SKECHERS China. “We see SKECHERS -- a proven brand in hundreds of markets around the world -- as ideal for China and ready to capitalize on the power of its population. And with Luen Thai Enterprises' forward-looking management team, experience in the fashion supply chain and retail operations expertise, we believe it is the right company to help grow our business in China.”
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
