Shares of Skechers USA Inc (NYSE:SKX) ended Friday session in red amid volatile trading. The shares closed down -0.40 points or -1.72% at $22.84 with 3.54 million shares getting traded. Post opening the session at $23.13, the shares hit an intraday low of $22.61 and an intraday high of $23.13 and the price vacillated in this range throughout the day. The company has a market cap of $3.51 billion and the numbers of outstanding shares have been calculated to be 133.32 million shares.
Skechers USA Inc (SKX) on September 14, 2016 announced that the Company has signed a new joint venture partnership for Israel with its current regional distributor, MGS Sport Trading Ltd. The joint venture, Skechers Footwear, Ltd., will enable SKECHERS to use its proven sales strategies and global infrastructure to aggressively expand the brand.
“As our distribution partner for 15 years, MGS Sport Trading has played a key role in our brand’s development throughout this region,” said Michael Greenberg, president of SKECHERS. “Over the years, they’ve built strong relationships with a network of accounts and have established our brand in the market. It’s a great time to take our business to the next level and discover the full scope of our brand’s potential.”
Added Adi Moliov, previous brand manager of MGS Sport Trading and now general manager of Skechers Footwear, Ltd., “International footwear brands are more popular than ever in Israel – in particular, stylish comfort footwear is in high demand – and we have a wonderful opportunity to boost SKECHERS’ presence. With SKECHERS’ increased investment in this region, solid infrastructure and extensive product offering for every age and activity, we can make a larger-than-ever impact. We’re thrilled to offer Israeli consumers a new generation of styles, retail destinations and campaigns showcasing their many brands.”
“We’ve had great success building our existing joint ventures, which have enabled us to pair decades of brand knowledge and infrastructure support with market insight in regions as diverse as India, China, Hong Kong and Southeast Asia,” said David Weinberg, chief operating officer and chief financial officer of SKECHERS. “Through these joint ventures, our business in these markets has grown, increasing the combined joint venture sales by approximately 80 percent in the first half of 2016 over the same period last year. We’re confident that this new joint venture will have an impact on our total sales in the next few years.”
Shares of Under Armour Inc (NYSE:UA) ended Friday session in green amid volatile trading. The shares closed up +0.34 points or 0.88% at $38.91 with 3.53 million shares getting traded. Post opening the session at $38.48, the shares hit an intraday low of $38.29 and an intraday high of $39.17 and the price vacillated in this range throughout the day. The company has a market cap of $15.58 billion and the numbers of outstanding shares have been calculated to be 183.39 million shares.
Under Armour Inc (UA) on Sept. 16, 2016 announced that Jason LaRose has been named President, North America. He will succeed Matthew Mirchin, who will transition to the role of Strategic Advisor, Global Revenue, effective October 1.
Mr. Mirchin has been with the Company since 2005, serving in a number of senior management positions in sales and marketing. Mr. LaRose joined Under Armour in 2013 to lead its Global E-Commerce business, eventually becoming Senior Vice President of Digital Revenue in 2015. Both executives have been key contributors to Under Armour’s global success and will continue to work together to deliver a best-in-class consumer experience and strong results across its sales channels. During this transition period, Mr. LaRose will continue to lead the E-Commerce business, while being actively involved in the search process to identify his successor.
“I would like to thank Matt for his strong leadership, vision and many contributions including leading the sales and marketing organizations at Under Armour over the last 11 years,” said Kevin Plank, Founder and CEO of Under Armour. “During his time at the company, Matt has become one of our chief architects in building the Under Armour brand and telling our story around the world. I would also like to congratulate Jason on his new role, where he and Matt will continue to accelerate our footprint in North America.”
“Since joining Under Armour, Jason has been a rising star, establishing our E-commerce business globally,” said Charlie Maurath, Chief Revenue Officer, Under Armour. “I am confident that he will continue to thrive as he transitions to lead our growth in the North American region with Matt by his side. I want to thank Matt for doing a tremendous job strengthening our relationships with key partners during his tenure at Under Armour.”