Future Group revives JV with Skechers

Friday, 09 March 2012

Kishore Biyani has revived proposed licensing and distribution venture (JV) with US footwear retailer Skechers that failed to culminate last year. It has even brought in one of its senior most executives Sanjeev Agrawal previously joint CEO at Future Value Retail as CEO of the proposed JV.

In a bid to bring the debt ridden company back on track, the Future Group is taking all necessary measures. It already has a 50:50 joint venture with UK-based footwear brand Clarks, which is witnessing steady growth. Earlier, Future Group had tied up with Liberty Shoes, but it had to be called off due to poor response.

India is considered to be a growing market for Skechers and the company is said to have done good research over the last three years to establish the right strategy and partnership to develop the brand in India. Skechers USA, incorporated in 1992, designs and markets Skechers-branded lifestyle footwear for men, women and children under several lines such as those for shaping up, running and walking. The over $2 billion brand had signed a deal with Pantaloon Retail in 2009 to licence and distribute Skechers footwear and apparel in India. The deal involved Winner Sports, a wholly owned subsidiary of Pantaloon Retail India (PRIL) as the licensee and distributor of Skechers footwear and apparel through Future Group’s retail format Planet Sports.

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