Skechers steps up presence in China
After a decade of increasing volumes of Chinese products appearing on sale in the “Western world” it appears that the trend may be about to change. As income and consumer spending power in China rises, brands from around the world are now seeing the potential to grow sales in the Asian country.
With this in mind, American lifestyle footwear brand Skechers USA, Inc. has established a joint venture, Skechers China, with Hong Kong-based Luen Thai Enterprises with the aim of expanding sales and distribution and opening more than 1,200 points-of-sale for the brand across China over the next three years.
"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," said Willie Tan, chief executive 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."
