Skechers reportedly mulls IPO plan for Asian business in Hong Kong

American footwear company Skechers is reportedly considering strategic options for its Asia business. Options include launching an IPO in Hong Kong to raise around US$1.5 billion (HK$11.7 billion).  Multiple reports, including Bloomberg and the Hong Kong Economic Journal said the company had held early talks with advisers over various options. Although launching an IPO in Hong Kong could be an option, the company might not proceed with this given the plan is just in its early stage, said media reports. 

Skechers has been working with multiple businesses in Asia. For example in 2007, it collaborated with Luenthai to establish a joint venture called Skechers China to sell footwear in China. Bloomberg's report added that if Skechers launches the IPO, the company needs to buy the stakes from its partners. 

Recently, Skechers worked on a campaign to engage its audience in Asia, bringing on board South Korean actor Park Seo Joon as its regional brand ambassador for Singapore, Malaysia, Thailand, Vietnam, Hong Kong and Macau, which are six key growth markets for the brand. He will front the 2021-22 campaigns in these markets, with his first official appearance being the key campaign for Skechers D'Lites 4.0 collection.

Skechers said Park is not only an all-rounded individual with strong work ethic, but his clean-cut, down-to-earth and versatile personal style aligns with the brand's long-standing brand equity of offering ultimate comfort with style. The first video campaign with Park titled "Find Your New Comfort Zone with Skechers" shows him breaking out from the monotony with the aim to inspire consumers to embrace life's fluidity and venture into new possibilities as they come.

Cedrick Tan, Skechers SVP - Greater China and Southeast Asia/regional head Hong Kong, explained that with the shorter and fragmented attention span of consumers today, it is important that a brand ambassador, besides having a positive, well-liked image, is a role model who is multi-dimensional, driven and inspiring.

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