Skechers USA Inc. announced Wednesday that the company is launching a subsidiary in Central Eastern Europe called Skechers CEE Kft.
The Manhattan Beach footwear company currently conducts business in the region, stretching from the Czech Republic south to Albania, through third-party distributors. With the new subsidiary, Skechers will transition away from that model and expand its offerings in the region directly.
Petar Dulic has been appointed as the new territory manager of the subsidiary. Dulic was previously the general manager and partner of the Skechers distributor Office Shoes, overseeing its business in Serbia, Bosnia-Herzegovina, Montenegro, and other countries.
“With the right infrastructure, expertise and unparalleled marketing support, there is great opportunity to grow Skechers across Eastern Europe,” Dulic said. “Our distribution partners planted solid roots for Skechers’ growth in this region with the opening of seven retail stores and a strong network of established retailers.”
The Central Eastern Europe subsidiary will do business in Albania, Bosnia-Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Macedonia, Moldova, Montenegro, Romania, Serbia, Slovakia and Slovenia. Skechers plans to base the subsidiary in Budapest and have regional showrooms in each country, the company said in a statement.
Skechers shares rose 1 percent Wednesday to close at $56.54.
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