(MENAFN) Skechers, the sports shoe maker announced it is planning to invest between USD27 million and USD30 million in expanding in the GCC market by opening new stores across the market, Gulf News reported
Skechers said that it is planning to open 142 additional stores in the market, thus bringing the total of its stores to 180 by 2018, which is part of the company's global expansion plans of increasing the number of its stores from its current 1.000 to around 2.000 by 2018.
The company also said that it expects its revenue to approximately reach USD2.4 billion this year compared with USD1.84 billion in 2013, while their revenue in the GCC would hit USD95 million compared with USD50 million in 2013 as well as forecasting that their sales would be between USD2.8 billion to USD3 billion in 2015.
California-based Skechers said that the company currently has 61 stores in the Middle East, with expectations that these store would account for around 3 percent of the company's revenue next year, as it aims to increase the volume of its shipments to the region to over 4 million pairs of shoes to the Middle East in 2015 from 2.5 million in 2014.
"The strategy is to continue to grow the business methodically and strategically; grow our different categories of footwear, meaning if there's a category of footwear that we're in and we only command a certain amount of shelf space, we can grow and become a more important supplier to that retailer," Sketcher's President said.
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