Benzinga | Dec 21, 2021 07:27AM EST

Skechers Launches New Operations In The Philippines

* Skechers USA Inc (NYSE:SKX) has transitioned its operations in the Philippines from a third-party distributor to Skechers USA Philippines Inc.

* The company said it is reestablishing the brand by setting up new offices in Manila and implementing a distribution center.

* Skechers plans to introduce new product categories and open more retail locations in 2022.

* "The Philippines has immense potential for Skechers, and with our dedicated team focused on growth and delivering the integrated capabilities of Skechers, we believe this step accelerates that potential," said COO David Weinberg.

* Skechers' prior distributor in the Philippines, Trendworks International, will continue to sell Skechers products through the end of 2021.

* Price Action: SKX shares closed lower by 3.67% at $40.16 on Monday.