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Skechers Announces New Operations in the Philippines
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Rhea-AI Summary
Skechers has transitioned from a third-party distributor to its own operation in the Philippines, establishing Skechers USA Philippines, Inc. This move aims to enhance brand growth in the region. Skechers plans to leverage its lifestyle collections and comfort innovations to tap into the 100 million consumers in the Philippines. The company is setting up new offices, a distribution center, and retail stores, with more openings planned for 2022. This strategic shift underscores Skechers' commitment to expanding its market presence in Southeast Asia.
Positive
Transitioning to direct operations allows for better control over brand growth.
Plans to open new stores and expand product offerings in 2022.
Targeting a large consumer base of 100 million in the Philippines.
Negative
None.
The Footwear Brand Has Transitioned from a Third-Party Distributor to Drive Growth
MANILA, Philippines--(BUSINESS WIRE)--
Skechers, The Comfort Technology Company™, today announced that it has transitioned its operations in the Philippines from a third-party distributor to Skechers USA Philippines, Inc. in order to maximize the brand’s growth prospects in the region.
Skechers USAPhilippines' new store in Alabang Town Center. (Photo: Business Wire)
“The Philippines has immense potential for Skechers, and with our dedicated team focused on growth and delivering the integrated capabilities of Skechers, we believe this step accelerates that potential,” said David Weinberg, chief operating officer of Skechers USA, Inc. “With Skechers’ appealing lifestyle collections, groundbreaking comfort innovations and our corporate support, we believe the Philippines can become a key market for us in Southeast Asia.”
“Skechers is a global brand that many Filipino consumers already know and love. With this new dedicated approach, we will be able to reach more of the 100 million men, women and children in this country and offer them a wider selection of great Skechers products through expanded channels,” added Suzette Pasustento, country manager for Skechers USAPhilippines. “We are presently in the first phase of reestablishing the brand in the market: setting up new offices in Manila, implementing a distribution center, and we opened our first new store this month. In 2022, we will introduce new product categories, open more retail locations and expand our door count with new retailers, as well as launch a comprehensive marketing campaign.”
Known for its comfort, style, quality and innovations, a full range of the brand’s lifestyle and performance footwear and apparel will be available in Skechers retail stores, including the recently opened location in Alabang Town Center and another in Ayala Malls Manila Bay planned to open this week. Another 10 to 12 additional concept stores are planned for the first half of 2022. Skechers will also be available in key department and specialty stores—including Planet Sports and The SM Store.
Skechers’ prior distributor in the Philippines, Trendworks International, will continue to sell Skechers products through the end of 2021.
About Skechers USA Philippines, Inc. and Skechers USA, Inc.
Skechers USA Philippines, Inc. is operated by Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company based in Southern California. Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and over 170 countries and territories via department and specialty stores, and direct to consumers through 4,170 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; international economic, political and market conditions including the challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2020 and its quarterly report on Form 10-Q for the three months ended September 30, 2021. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
