SKECHERS Launches Joint Venture in Israel
September 14 2016 - 9:00AM
Business Wire
SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle and
performance footwear, today announced that the Company has signed a
new joint venture partnership for Israel with its current regional
distributor, MGS Sport Trading Ltd. The joint venture, Skechers
Footwear, Ltd., will enable SKECHERS to use its proven sales
strategies and global infrastructure to aggressively expand the
brand.
“As our distribution partner for 15 years, MGS Sport Trading has
played a key role in our brand’s development throughout this
region,” said Michael Greenberg, president of SKECHERS. “Over the
years, they’ve built strong relationships with a network of
accounts and have established our brand in the market. It’s a great
time to take our business to the next level and discover the full
scope of our brand’s potential.”
Added Adi Moliov, previous brand manager of MGS Sport Trading
and now general manager of Skechers Footwear, Ltd., “International
footwear brands are more popular than ever in Israel – in
particular, stylish comfort footwear is in high demand – and we
have a wonderful opportunity to boost SKECHERS’ presence. With
SKECHERS’ increased investment in this region, solid infrastructure
and extensive product offering for every age and activity, we can
make a larger-than-ever impact. We’re thrilled to offer Israeli
consumers a new generation of styles, retail destinations and
campaigns showcasing their many brands.”
“We’ve had great success building our existing joint ventures,
which have enabled us to pair decades of brand knowledge and
infrastructure support with market insight in regions as diverse as
India, China, Hong Kong and Southeast Asia,” said David Weinberg,
chief operating officer and chief financial officer of SKECHERS.
“Through these joint ventures, our business in these markets has
grown, increasing the combined joint venture sales by approximately
80 percent in the first half of 2016 over the same period last
year. We’re confident that this new joint venture will have an
impact on our total sales in the next few years.”
Israel’s SKECHERS retail network will be run as joint venture
stores, and currently includes six destinations, including
locations in Tel Aviv and Jerusalem. Consumers can also find the
brand’s lifestyle and performance footwear for men, women and kids
in major retailers across Israel.
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 160 countries and
territories worldwide via department and specialty stores, more
than 1,545 SKECHERS Company-owned and third-party 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 Israel, and 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
domestic and international growth, financial results and operations
including expected net sales and earnings, its development of new
products, future demand for its products, its planned domestic and
international expansion and opening of new stores, the completion
of the expansion and upgrade of the Company’s European distribution
center, and advertising and marketing initiatives. 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,
2015 and its quarterly report on Form 10-Q for the quarter ended
June 30, 2016. 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 Company
cannot predict all such risk factors, nor can the Company assess
the impact of all such risk factors on its 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160914005189/en/
SKECHERS USA, Inc.Jennifer ClayVP of Corporate
Communications310-937-1326Jennc@skechers.com
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