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Skechers launches joint venture in South Korea

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Skechers, a global leader in lifestyle and performance footwear, just announced that the company is transitioning its business in South Korea from a third-party distributor to a new joint venture with Luen Thai Enterprises.

The new Korean joint venture, Skechers Korea Co., Ltd., will enable Skechers to use its proven sales and marketing strategies to further expand the brand in one of our key international markets.

“Skechers footwear has been available in South Korea for more than 15 years. In that time, we have developed a network of more than 55 Skechers stores and built the brand through strong marketing campaigns, including utilising the talents of exceptionally popular endorsees like K-Pop stars Sistar,” said David Weinberg, COO and CFO of Skechers.

SEE ALSO: Skechers revenue misses estimates, shares plummet 35pc

“By forming a joint venture with Skechers that combines our global expertise with their unique insight in this market we’ll be able to more efficiently build the brand and more effectively directly target merchandising to the unique tastes of consumers across South Korea,” said Willie Tan, chief executive officer of Skechers Asia joint ventures.

The network of Skechers retail locations in South Korea currently includes 57 concept and outlet stores—13 of which are owned by the Company. Consumers can also find the brand’s lifestyle and performance footwear for men, women and kids in major retailers throughout South Korea. Skechers Korea Co., Ltd. offices are based in Seoul.

(Source: Business Wire)

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