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Skechers buys out Future Group's 49 pc stake in Indian JV

Press Trust of India  |  New Delhi 

USA has bought out Biyani-led Future Group's 49 per cent stake in its Indian (JV) for an undisclosed sum.

With this, has become a wholly-owned subsidiary of the American footwear

"Few markets match the potential for growth of India, which is why we entered the market initially, and why we recently decided to purchase the minority stake in our joint venture," said in a statement.

Skechers said this development will enable the company to amplify its growth plans, accelerate expansion of its operations and build a to further gain market share in

While both the have not revealed the deal value, sources say Skechers paid close to Rs 600 crore to acquire balance stake in Skechers

The network of Skechers in India at present includes 223 - 61 of which are Skechers owned and operated while the remaining are third party owned.

An additional 80 to 100 stores are planned for calender year 2019.

Skechers entered India in 2012 through a with the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 13 2019. 12:45 IST