May 2, 2016
Indian government okays single brand retail for Skechers
May 2, 2016
Footwear maker Skechers USA Inc. has secured the government's approval to open outlets in the country. The decision marks a big push to foreign direct investment in single-brand retail. India.
The Department of Industrial Policy and Promotion (DIPP) also approved proposals of Nike, the world's biggest maker of sports goods, and Germany's Puma. Their proposals have been sent to the Finance Ministry for final clearances.
Approval for Skechers came almost nine months after the company filed its application to open its stores. The company will also be allowed to sell its products directly online after opening its brick-and-mortar stores.
Skechers, a $3 billion company headquartered in Manhattan Beach, California, has a presence in more than 160 countries. Kiko Milano will sell its cosmetics and beauty and skin care products.
Skechers has two distinct footwear categories: a lifestyle division and performance footwear. Through licensing agreements, the company also offers branded apparel, bags, eyewear, toys, and more.
The company entered India in 2012, and was importing its products into the country. Last year, it firmed up plans to start a local manufacturing unit to serve both domestic and export markets.
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