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Sun 14 Dec 2014 01:45 PM

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Skechers to invest $30m opening 142 new stores in GCC

US retail company’s revenue in the GCC is expected to grow to $95 million this year

Skechers to invest $30m opening 142 new stores in GCC
(Getty Images)

US sports shoe company will invest up to $30 million opening new stores across the GCC by 2018, according to the company president.

Michael Greenberg, president of California-based Skechers, told Gulf News that the company will open an addition 142 stores in region, bringing the total of 180, in an expansion plan that will double its current number to 1,000 stores globally.

“The company is growing nicely. This year, we’ll end at approximately $2.4 billion in revenue [from $1.84 billion in 2013]. In 2015, we’re looking at anywhere from $2.8 billion to $3 billion in sales,” he told Gulf News.

The company’s revenue in the GCC is expected to grow to $95 million this year, which is will be up from $50 million in 2013.

Having shipped 2.5 million shoes to the Middle East in 2014, Skechers expects to deliver over four million pairs next year.

The company will also look to develop its product categories in 2015, but will not look to enter the luxury segment of the market.

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