Skechers Surges in Spanish Market, Closing in on €250M During Ownership Shift

Skechers continues to grow in Spain. Although stabilizing the pace compared to previous years, the U.S. footwear company is already close to €250 million in the country, with 8.5 million pairs sold in the last year with available data. Last August, the company closed its sale to 3G Capital for €9.4 billion dollars, in what has already become one of the largest corporate operations in the sector in the last year.

According to the accounts for the financial year 2024, which have just been filed with the Mercantile Registry, the Spanish subsidiary of Skechers achieved a turnover of €244.52 million, an increase of 12.83% compared to 2023, when it recorded a growth of 20.29%.

The profitability of the Spanish subsidiary continued to rise, although it also moderated. At the close of 2024, Skechers USA Iberia posted a gross operating profit of €4.86 million, up 1.38% from 2023. A year earlier, the company had raised its operating profit by 34.17%.

The company’s net income amounted to €3.94 million. This figure represented an increase of 4.64%, compared with an increase of 40.15% in 2023.

Skechers landed in Spain in 2003 and it has been in the last six years that it has accelerated its growth in the last six years

In its management report for fiscal year 2024, the Spanish subsidiary points out that the company’s results are a sign of the “consolidation of the business in the Iberian market”. Skechers, the world’s third largest sports footwear brand (with sales of $8.97 billion çin 2024), began its development in the domestic market in 2003 with the opening in the Xanadu shopping center in Madrid.

Despite having a track record of more than twenty years in the country, it has been in the last six years when it has accelerated. In 2019, the Spanish subsidiary of Skechers (which also includes the activity in the Portuguese market) recorded sales of €100.05 million. Between 2019 and 2024, the company has more than doubled its turnover in Spain.

At the close of 2024, Skechers had 21 own stores in Spain, including fifteen outlets, five concept stores and spaces in department stores. In the last fiscal year, the company launched four company-owned stores and four franchises, reaching a total of 76 stores opened under this modality. This brings the company’s total to almost 100 stores in Spain, Portugal and Andorra. In addition to the network of company-owned stores and franchises, the company also has a presence in the multi-brand channel and its own online platform.