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Tag: Skechers

  • Skechers Q4 global sales jump 27 percent

    Skechers Q4 global sales jump 27 percent

    Shoe retailer Skechers posted a 27 per cent increase in sales in the last quarter, powered by a 40 per cent increase in international wholesale sales, and a strong performance in China.

    “Last year was monumental for Skechers as we achieved sales of more than US$4 billion for the first time in our 25-year history,” said Robert Greenberg, Skechers CEO.

    “This growth is due to our continued focus on efficiencies and infrastructure as well as innovation, comfort, and relevancy within our product design. In the US, we remained the No 1 walking, work, casual lifestyle, and casual dress footwear brand, and the No 2 casual athletic footwear brand.

    “Furthermore, we grew our Skechers store base to 2570 locations at year-end and saw impressive growth across the globe – including record sales on Single’s Day in China,” said Greenberg.

    “As we look ahead, with fresh styles shipping for spring, we believe we will remain a leader in the lifestyle footwear channel in the US, selectively expand our retail footprint, and continue our global growth as we see our international business becoming an increasingly larger piece of our total business.”

    Global annual sales rose $600 million year-on-year to $4.16 billion, “a testament to the worldwide strength and relevance of our product, marketing and brand,” added COO David Weinberg.

    In its own stores, Skechers achieve comparable same-store sales growth of 10.5 per cent in the US market and 16.5 per cent overseas. It added 75 stores during the year, 22 of them in the last quarter.

    While the company reported a net loss of $66.7 million for the last quarter, this was hugely impacted by a $99 million tax charge linked to the Trump government’s taxation reform enacted in December. Earnings from operations increased 96.9 per cent primarily due to sales growth.

    For the full year, Skechers earned $179.2 million, down 26.4 per cent on 2016’s $243.5 million, but that, too, is after the taxation impact.

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  • Outstanding start for Nanchang Capital Outlets

    Outstanding start for Nanchang Capital Outlets

    In its first three days, Nanchang Capital Outlets generated sales of more than RMB21.8 million (US$3.2 million) with customer traffic exceeding 1.8 million.

    It is the second outlet project this year for Beijing Capital Grand, the commercial property arm of Beijing Capital Land, and its sixth outlet project in China. It is also the company’s first foray into central China. Nanchang is one of the 10 youngest cities in China.

    Covering 130,000sqm, Nanchang Capital Outlets combines key elements of Chinese lifestyle and culture. It has more than 300 shops, including international, fast-fashion and sportswear brands, children’s entertainment, theme restaurants, reading corners and 2000 parking spaces.

    Still to come are a trampoline park, Jump360, a 5000sqm Imax cinema and an 8000sqm supermarket.

    The project’s 150-plus fashion and lifestyle boutiques include Adidas, Aigner, Chic Outlets Multi Brands Boutique, New Balance, Nike, Rodrigo, Skechers and Stella Luna. The food line-up includes KFC, Taste of Caimi and Yuemandajiang Classic Sichuan Hot Pot.

    About 12 more Capital Outlets projects are on the drawing boards.

  • US investor buys into Mitra Adiperkasa

    US investor buys into Mitra Adiperkasa

    US private-equity company General Atlantic has made its first investment in Indonesia by buying into lifestyle retailer Mitra Adiperkasa (Map).

    It has subscribed for Rp1.08 trillion (US$80.5 million) in bonds issued by Map which are convertible into shares in its F&B subsidiary Map Boga Adiperkasa (MBA), which runs Cold Stone Creamery, Godiva, Krispy Kreme, Pizza Express and Starbucks in Indonesia. It has more than 300 stores across 24 cities, and has more than doubled its store count over the past five years.

    Map runs multi-channel retail concepts in Indonesia across a diversified portfolio of department stores, sportswear, specialty fashion, F&B, and lifestyle products. It has nearly 2000 retail stores.

    “We believe the rapid rise in Indonesia’s middle and young working classes, the increase in this population’s disposable income, and the continued rural-to-urban migration represents an opportunity for us to strengthen our international food brands and cement our leadership position in the F&B market,” says Map CEO V.P.

    Sharma. A portion of the investment money will be used to accelerate the F&B division’s network expansion.
    “Indonesia’s domestic consumption comprises more than half of gross domestic product, and consumption patterns are increasingly shifting toward modern and aspirational lifestyle brands,” says General Atlantic Southeast Asia head Wai hoong Fock. “These secular trends position MBA’s food & beverage portfolio well for further expansion.”

    Regional commitment

    The partnership, General Atlantic’s first investment in Indonesia, indicates its commitment to long-term market prospects in South-east Asia,” says Fock, who joined General Atlantic from CVC Capital Partners last year to lead its South-east Asia investing program. He is based in the firm’s Singapore office.
    General Atlantic has 18 investment professionals in Asia, based in offices in Beijing, Hong Kong, Mumbai and Singapore. The firm opened its Singapore office in 2011, investing three years later in Singapore-based online mobile entertainment/communication Garena platform. It has also supported the growth of retail and F&B companies including lifestyle brand Tory Burch, luxury fashion brand Zimmermann, restaurant group Barteca Holdings, urban juice-bar concept Joe & The Juice, community accommodation marketplace AirBNB and transportation network company Uber.

    Map has 1921 retail outlets in 68 cities throughout Indonesia. Its retail concepts include department stores (Debenhams, Galeries Lafayette, Seibu and Sogo), fashion and lifestyle (Crabtree & Evelyn, Kipling, Lacoste, Marks & Spencer, Massimo Dutti, Nautica, Sephora, Swarovski, Topman, Topshop and Zara), sports (Converse, Golf House, Oakley, Payless ShoeSource, Reebok, Rockport, Skechers, The Athlete’s Foot and The Sports Warehouse), F&B (Burger King, Cold Stone Creamery, Domino’s Pizza, Godiva, Krispy Kreme and Starbucks), kids (Kidz Station and Oshkosh B’Gosh) and bookstore Kinokuniya.

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  • Skechers in Korea joint venture

    Skechers in Korea joint venture

    Skechers in Korea will now be managed by a joint venture with the parent company.

    Previously imported and distributed by a third-party company, Skechers head office in the US has confirmed it has partnered with Luen Thai Enterprises in a new business called Skechers Korea Co.

    “This will enable Skechers to use its proven sales and marketing strategies to further expand the brand in one of our key international markets,” the company said in a statement released in the US.

    “With a dedicated team from our previous distributor, LS Networks, and the knowledge and acumen of our Skechers China team, we believe we can profitably grow our business in South Korea and truly penetrate the region with a strong presentation from our vast collection of men’s, women’s and kids’ footwear.”

    Skechers footwear has been available in South Korea for more than 15 years.

    “ In that time, we have developed a great footprint with a network of more than 55 Skechers stores and built the brand through strong marketing campaigns, including using the talents of exceptionally popular endorsees like K-Pop stars Sistar and EXO in Skechers marketing campaigns,” said David Weinberg, COO and CFO of Skechers.”

    LS Networks distributed Skechers in South Korea from 2009 to 2016.

    “We’ve been very pleased with the consumer response to the Skechers product in South Korea,” added Sung Hun “Scott” Lee, previous senior GM of Skechers’ Korean distribution partner and now president of Skechers Korea Co. “Through my time with LS Networks, I’ve seen firsthand how Skechers has grown in Korea, most recently through the Skechers D’Lites craze that started here in 2015 and spread through Asia and then around the globe.

    “Now as part of the Skechers global team and with key members of my previous team transitioning with me, we’ll have the direct resources, support and insight to really take the business to the next level.”

    Willie Tan, CEO of Skechers Asia joint ventures, said forming a JV with Skechers that combines its global expertise with the local partner’s unique insight in this market “we’ll be able to more efficiently build the brand and more effectively directly target merchandising to the unique tastes of consumers across South Korea”.

    “We expect this will strengthen our business not only in South Korea but further synergise the business across Asia.”

  • CityOn.Zhengzhou to open fully leased

    CityOn.Zhengzhou to open fully leased

    Taubman Asia, a subsidiary of US shopping centre group Taubman Centers, and China’s Wangfujing Group, have announced the line-up of retailers for its CityOn.Zhengzhou mall in Henan province, set to open on March 16.

    When it opens, the centre will be 100 per cent leased and 90 per cent occupied with nearly 200 stores and restaurants. In the heart of Zhengdong New District, the six-level, 94,000 sqm shopping and dining destination will offer domestic, international and lifestyle brands from fast fashion to accessible luxury, anchored by a four-level Wangfujing department store.

    “We are thrilled to see our second China project coming to life in Zhengzhou,” says Taubman Asia president Rene Tremblay.

    Local, regional and international cuisine at all price points and in both seated restaurants and quick-serve formats will be a feature of the centre, which will also offer family-friendly experiential, educational and entertainment offerings.

    Many international brands will be making their central China debut at the centre, says Taubman Asia group VP Paul Wright.

    Outlets at the mall include…

    Fashion: Adidas, Ajidou, Basic House, Bershka, Charles & Keith, Columbia, Converse, Ecco, Five Plus, Forever 21, H&M, Innisfree, Jack & Jones, KIKC, Kipling, La Chapelle, Lee, Levi’s, Mango, Massimo Dutti, Miniso, Mishka, Mobi Garden, Nike, Pandora, Polo, Sand & Foam, Sephora, Skechers, Stradivarius, The North Face, Uniqlo, Vans, Vero Moda, Westlink and Zara.

    F&B/entertainment/kids/lifestyle/electronics: Acasia Food Village (featuring 14 food vendors), Benfu Sushi, Boat Noodle, Chatime, Chez Choux, Chicken Container, Coco, Dollar Shop, FrozenYo, GB Kids Station, Gong Cha, Grandma’s Kitchen, Guoguo Mutton Soup Restaurant, Guxiang No. 9 Catering, Hallmark Babies, Homao, Huawei, iSpace, La Chapelle Kids, Lenovo, MagicSalad, MM by Haircode, Mr Wish, NaughtyKids, New York Fries, Oscar CityOn Cinema, PapaBubble, Pizza Zone, Rbike, Siwuke Tea, Starbucks, Strawberry Forever, Subway, Teppanyaki Xiang, Toot Science, Udon & Tempura, Uncle, Wan Quan Bu Tong, Xiang Tian Xia Huo Guo, Xiao Liu Jia, Xiao Zhu Zhu Kao Rou, Xue Mi Da, Yang Xiang Dou Pi Shuan Niu Du, YuYuTo, ZBX Fresh Fish Hot Pot, Zheng Shi Yi and Zoo Steak.

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  • Nike, Muji, Adidas apply for Indian retail rights

    Nike, Adidas and Muji are among eight global companies seeking single brand retailing approval from the Indian government.

    According to a report in The Indian Express the Department of Industrial Policy and Promotion (DIPP) has received eight applications from global brands including Skechers, Kiko International, Ryohin Keikaku (Muji), Nike, Adidas and Swarovski after foreign direct investment rules were relaxed in July.

    Foreign companies can now conduct business through more than one joint venture in India, according to the newspaper.

    Since then, ITaly’s Kiko International has applied to retail beauty and skin care products, apparel, jewellery and handbags. Shoe maker Skechers and glass creator Swarovski followed.

    Swarovski, along with Nike, have previously had applications turned down – in Swarovski’s case because it wanted to sell in both cash-and-carry chains and single brand retail stores. It was told to reapply with separate applications, The Indian Express reports.

    The identity of the other two companies was not revealed.

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