SKECHERS Expands in Ireland with Retail Licensing Deal
MANHATTAN BEACH, Calif.--(BUSINESS WIRE)-- SKECHERS USA, Inc. (NYSE: SKX), a global leader in the lifestyle footwear industry, today announced that it has signed a retail licensing agreement with footwear retailer Shuz 4 U Ltd. to open and operate SKECHERS-branded retail stores throughout Ireland.
Under the agreement, Shuz 4 U will open its first two SKECHERS-branded retail stores in Dublin and Cork City by the end of 2010. Like the SKECHERS company-owned retail stores, the new stores in Ireland will carry a broad selection of SKECHERS product for men, women and kids. Plans call for additional stores to roll out across Ireland over the next five years.
"Our ten branded SKECHERS stores in the United Kingdom give us a highly effective means to reach consumers," began Michael Greenberg, president of SKECHERS. "This licensing partnership with Shuz 4 U allows us to leverage strong European SKECHERS brand recognition into an expansion of our retail foothold and build on the strong wholesale business we currently have in Ireland and the UK."
"With great style, variety and pricing, SKECHERS truly is an ideal brand for Ireland," said Paul Gallagher, managing director of Shuz 4 U. "We look forward to offering current and future SKECHERS fans the opportunity to discover this product within a destination shopping experience."
Shuz 4 U Ltd. was established through a partnership between managing director Paul Gallagher and executive director Sunil Shah. The founders share over 50 combined years of experience in wholesale, distribution and retail of trend-driven clothing and footwear lines throughout Ireland.
"Sunil and Paul have an intuitive understanding of the SKECHERS consumer and a deep knowledge of the Irish market," added Marvin Bernstein, managing partner for SKECHERS, S.a.r.l. "We believe this partnership in Ireland will be the first of many retail licensing opportunities around the globe."
Currently, there are more than 380 SKECHERS company owned, franchised or licensed stores in some of the most attractive locations in 41 countries across 6 continents.
ABOUT SHUZ 4 U Ltd.
Managing director Paul Gallagher has worked with Ecco footwear and Pepe Jeans and launched his own brand, GASOLINE, in 1989. He was named runner up for Best Independent Young Fashion Retailer-UK/Ireland in 2005. Additionally, executive director Sunil Shah is CEO of Pepe Jeans Ireland and Country Manager for Tommy Hilfiger. Shah operates seven Pepe Jeans and 16 Tommy Hilfiger retail stores in Ireland.
ABOUT SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, as well as in over 100 countries and territories through the Company's global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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 international, national and local general economic, political and market conditions including the global economic slowdown and the ongoing financial crisis and market instability; entry into the highly competitive performance footwear market; 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; 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' Form 10-K for the year ended December 31, 2009 and SKECHERS' Form 10-Q for the quarter ended March 31, 2010. The risks included here are not exhaustive. SKECHERS and Shuz 4 U Ltd. operate in a very competitive and rapidly changing environment. New risks emerge from time to time and the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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.
Source: SKECHERS USA, Inc.
Released Jun 10, 2010 • 9:05 am EDT