Skechers is expanding its footprint around the globe, and is investing $27 million to $30 million to increase its store count in Gulf Cooperation Council countries, as reported by Gulf News. There are plans to build 142 additional stores in the Middle East, to reach a total of 180 by 2018. Skechers already has 1, 000 locations worldwide, but plans to double that amount in the next three years.
Skechers president Michael Greenberg is concentrating on growth. The company expects to see $2.4 billion in revenues for 2014, up from $1.8 billion in 2013, and predicts up to $3 billion for 2015.
The Middle East will comprise 3% of the Skecher’s revenues, and management expects to ship 4 million pairs of its shoes to the region in 2015, up from 2.5 million. Greenberg describes his shows as “mid-market” and said he is not inclined to move into luxury shoes, because he wants to concentrate on volume. The company plans on growing organically, and Greenberg said he is not in the market for an acquisition.