Separately, Skechers has set up a subsidiary in Japan to have a direct presence in the country with the aim of more than doubling its business over the next three to five years and turning Japan into one of its largest foreign markets. Until now, Skechers was distributed by Achilles Corporation.
The company sees tremendous growth potential in the country, which has consistently ranked as one of the group's top five distribution markets.
Skechers aims to boost its offering in men's and children's lifestyle footwear and build up the fitness division thanks to high-profile marketing campaigns and open stores.
Achilles has sold more than 14 million pairs of Skechers shoes over the past 17 years. Weinberg said that the unit could start from annual sales averaging $30 million and increase revenues to $45-50 million without any significant rise in volumes. If the company can sell an additional 1 million pairs of shoes a year in Japan, revenues could surge to $75-100 million in two to three years, he added.
The subsidiary was opened in Tokyo and will be run by Hirokazu Iwasaki. Iwasaki previously worked for Nike, Adidas and Puma, and was appointed representative director of Skechers Japan and country manager.
The subsidiary will present its fall/winter fitness and lifestyle collections for men, women and children at Tenjikai in February. The lines will begin shipping in July 2012, supported by extensive print, television, outdoor and in-store marketing campaigns.
The move is part of Skechers' strategy of bolstering the share of international sales to around 50 percent of the total. In the third quarter, international sales represented 32 percent of the group's sales.