- Prachi Singh |
Skechers has signed a new joint venture partnership for Israel with its current regional distributor, MGS Sport Trading. The joint venture, Skechers Footwear will enable the company to use its 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, adding, “Over the years, they’ve built strong relationships with a network of accounts and have established our brand in the market.”
Added Adi Moliov, previous brand manager of MGS Sport Trading and now General Manager of Skechers Footwear, “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.”
David Weinberg, COO and CFO of Skechers says that building joint ventures in in regions as diverse as India, China, Hong Kong and Southeast Asia, 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. He expects this new joint venture to have a positive impact on 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 apart from footwear for men, women and kids available in major retailers across Israel.