Skechers USA Inc. signed a new joint venture partnership for Israel with its current regional distributor, MGS Sport Trading Ltd. The joint venture, Skechers Footwear Ltd., will enable Skechers to use its proven 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. “Over the years, they’ve built strong relationships with a network of accounts and have established our brand in the market. It’s a great time to take our business to the next level and discover the full scope of our brand’s potential.”
Added Adi Moliov, previous brand manager of MGS Sport Trading and now general manager of Skechers Footwear, Ltd., “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. With Skechers’ increased investment in this region, solid infrastructure and extensive product offering for every age and activity, we can make a larger-than-ever impact. We’re thrilled to offer Israeli consumers a new generation of styles, retail destinations and campaigns showcasing their many brands.”
“We’ve had great success building our existing joint ventures, which have enabled us to pair decades of brand knowledge and infrastructure support with market insight in regions as diverse as India, China, Hong Kong and Southeast Asia,” said David Weinberg, chief operating officer and chief financial officer of Skechers. “Through these joint ventures, our 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. We’re confident that this new joint venture will have an impact on our 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. Consumers can also find the brand’s lifestyle and performance footwear for men, women and kids in major retailers across Israel.
