SKECHERS Launches New Subsidiary in Latin America
August 11 2015 - 9:00AM
Business Wire
SKECHERS USA, Inc. (NYSE: SKX), a global leader in the lifestyle
and performance footwear industry, today announced that the Company
is transitioning its business in Latin America from a third-party
distributor to a wholly-owned subsidiary, SKECHERS Latin America
LLC. The subsidiary will oversee more than 30 countries in the
region, including the four key markets of Panama, Peru, Colombia
and Costa Rica.
Building on its nearly 20 years of business in Latin America,
SKECHERS plans to grow its operations and footprint – transitioning
21 SKECHERS stores in the region to subsidiary-owned and -operated
locations, looking at new retail destinations and expanding its
account distribution base.
“SKECHERS’ strategic business model has established a strong
framework for our brand to grow in many parts of the world – and we
see Latin America as the next natural destination for us to employ
this vision,” said David Weinberg, chief operating officer of
SKECHERS. “Over the years, our distributor in the region, Dabsan
International, established an extensive retail and wholesale
network in Latin America, and at one point became our largest
distributor. Latin America and its key markets remain an important
part of our international business, especially given our current
growth in the Americas – including the United States, Canada,
Brazil and Mexico.”
Weinberg continued: “With the increased demand for our brand and
incredible growth that SKECHERS has experienced over the last few
years – including our international wholesale business, which has
grown more than 60 percent in the second quarter of 2015 year over
year – we see an opportunity to drive our Latin America business to
the next level. We believe that we can use the strengths of our
marketing, advertising, capital and infrastructure to significantly
grow this key market, helping it reach its full potential.”
Key executives at Dabsan International, including Dabsan company
president Daniel Bassan, will help manage SKECHERS’ subsidiary
business in Latin America.
Based in Panama City, SKECHERS Latin America LLC will oversee
the Company’s business with regional showrooms in Panama, Peru,
Colombia and Costa Rica. Additional regions under the new
subsidiary include the Caribbean, Ecuador, Guatemala, El Salvador,
Honduras and Nicaragua.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California,
designs, develops and markets a diverse range of lifestyle footwear
for men, women and children, as well as performance footwear for
men and women. SKECHERS footwear is available in the United States
and over 120 countries and territories worldwide via department and
specialty stores, more than 1,100 SKECHERS retail stores, and the
Company’s e-commerce website. The Company manages its international
business through a network of global distributors, joint venture
partners in Asia, and 13 wholly-owned subsidiaries in Brazil,
Canada, Chile, Japan, Latin America and throughout Europe. For more
information, please visit skechers.com and follow us on Facebook
(facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, the Company’s future
growth, financial results and operations, its development of new
products, future demand for its products and growth opportunities,
its planned opening of new stores, advertising and marketing
initiatives, and the expansion plans for the Company’s European
Distribution Center. Forward-looking statements can be identified
by the use of forward looking language such as “believe,”
“anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,”
“will be,” “will continue,” “will result,” “could,” “may,” “might,”
or any variations of such words with similar meanings. Any such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected in
forward-looking statements. Factors that might cause or contribute
to such differences include international economic, political and
market conditions including the uncertainty of sustained recovery
in Europe; entry into the highly competitive performance footwear
market; sustaining, managing and forecasting costs and proper
inventory levels; losing any significant customers; decreased
demand by industry retailers and cancellation of order commitments
due to the lack of popularity of particular designs and/or
categories of products; maintaining brand image and intense
competition among sellers of footwear for consumers; anticipating,
identifying, interpreting or forecasting changes in fashion trends,
consumer demand for the products and the various market factors
described above; sales levels during the spring, back-to-school and
holiday selling seasons; and other factors referenced or
incorporated by reference in the Company’s annual report on Form
10-K for the year ended December 31, 2014 and its quarterly report
on Form 10-Q for the three months ended June 30, 2015. The risks
included here are not exhaustive. The Company operates in a very
competitive and rapidly changing environment. New risks emerge from
time to time and the companies cannot predict all such risk
factors, nor can the companies assess the impact of all such risk
factors on their respective businesses or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. Given these risks and uncertainties, you should not
place undue reliance on forward-looking statements as a prediction
of actual results. Moreover, reported results should not be
considered an indication of future performance.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150811005043/en/
SKECHERS USA, Inc.Jennifer Clay, 310-937-1326orSKECHERS Latin
America LLCSandra Chiam, 011-507-214-2222
Skechers USA (NYSE:SKX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Skechers USA (NYSE:SKX)
Historical Stock Chart
From Apr 2023 to Apr 2024