Skechers USA has bought out Kishore Biyani-led Future Group’s 49% stake in its Indian joint venture (JV) for an undisclosed sum.
With this, Skechers India has become a wholly-owned subsidiary of the American footwear major.
While both the companies have not revealed the deal value, sources say Skechers paid close to Rs 600 crore to acquire balance stake in Skechers India.
The network of Skechers retail locations in India at present includes 223 retail stores, 61 of which are Skechers owned and operated while the remaining are the third party owned. An additional 80 to 100 stores are planned for calendar year 2019.
Skechers entered India in 2012 through a joint venture with the Future Group.