Manhattan Beach-Based Skechers Launches Joint Venture in South Korea

MANHATTAN BEACH, CA — Skechers, the Manhattan Beach-based footwear company, announced Thursday that is is is transitioning its business in South Korea from a third-party distributor to a new joint venture with Luen Thai Enterprises.

The new joint venture partnership will be called Skechers Korea Co. and will enable Skechers to further expand the brand in one of its key international markets, the company said. Skechers has been available in South Korea for more than 15 years and the company has more than 55 stores in the country.

“With a dedicated team from our previous distributor, LS Networks, and the knowledge and acumen of our Skechers China team, we believe we can profitably grow our business in South Korea and truly penetrate the region with a strong presentation from our vast collection of men’s, women’s and kids’ footwear,” Skechers CEO/CFO David Weinberg said.

LS Networks distributed Skechers in South Korea from 2009 to 2016. The company's senior manager, Sung Hun “Scott” Lee, will now be the new president of Skechers Korea. The new company's office will be based in Seoul.

“Through my time with LS Networks, I’ve seen firsthand how Skechers has grown in Korea, most recently through the Skechers D’Lites craze that started here in 2015 and spread through Asia and then around the globe," Lee said. "Now as part of the Skechers global team and with key members of my previous team transitioning with me, we’ll have the direct resources, support and insight to really take the business to the next level."

The network of Skechers retail locations in South Korea currently includes 57 concept and outlet stores — 13 of which are owned by the company.

— Photo courtesy of Skechers