New Delhi: Skechers USA has bought out Kishore Biyani-led Future Group’s 49 per cent stake in its Indian joint venture (JV) for an undisclosed sum. With this, Skechers India has become a wholly-owned subsidiary of the American footwear major.

“Few markets match the potential for growth of India, which is why we entered the market initially, and why we recently decided to purchase the minority stake in our joint venture,” Skechers Chief Operating Officer David Weinberg said in a statement.

Skechers South Asia CEO Rahul Vira said this development will enable the company to amplify its growth plans, accelerate expansion of its operations and build a stronger network to further gain market share in India.

While both the companies have not revealed the deal value, sources say Skechers paid close to Rs 600 crore to acquire balance stake in Skechers India. The network of Skechers retail locations in India at present includes 223 retail stores – 61 of which are Skechers owned and operated while the remaining are third party owned.

An additional 80 to 100 stores are planned for calender year 2019. Skechers entered India in 2012 through a joint venture with the Future Group.