American brand Skechers shows confidence in the Chinese market

The American lifestyle and performance footwear brand Skechers organized its 2019  Spring Products Order dinner last week. During the event, Skechers China presented their business growth in China over the past 10 years and showed confidence in their future development. 

Skechers satisfactorily described their past 10 years’ business in China as an upward growth. They officially entered the Chinese market in 2008, making 2018 the 10th anniversary of them in China.

Skechers revealed they had achieved an average growth of 73% per year in gross sales in the past ten years, jumping from gross sales of CNY74m (USD11.19m) in 2008 to CNY10.43bn (USD1.58bn) in 2017. Brand awareness has increased from 14% in 2016 to 38% in 2017. The number of retail stores in China was more than 2,446 as of 2017. 

At the event Skechers China also signed with three new partners, Belle International, Wangfujing Group and Capital Grand, to help further expand in the market. 

It was also revealed at the event that Skechers will focus on opening its premier experiential stores rather than focusing merely on the number of stores. New retail which is a big trend in recent years, will also be paid attention to by the brand. 

Chen Weili, the CEO of Skechers China, Skechers Hong Kong, Skechers Korea and Skechers Southeast Asia, expressed his confidence that in 2018 Skechers sales in China would surpass the expectation of CNY15bn (USD2.27bn). 

Source: iFeng 

Proofread by Raymond Fitzpatrick