Tuesday, November 21, 2023

Skechers Empowers Future Athletes: Mumbai Walkathon Celebrates Emerging Talent Bollywood Stars

Skechers Empowers Future Athletes: Mumbai Walkathon Celebrates Emerging Talent Bollywood Stars 

Kriti Sanon, Rohit Saraf, and Siddhant Chaturvedi participated in the event at Inorbit Mall, Malad

 

Mumbai, November 20, 2023: Skechers, The Comfort Technology Company™, a leading American performance and lifestyle footwear brand, today successfully concluded the fourth edition of the Skechers Mumbai Walkathon at Inorbit Mall, Malad. This year's Walkathon is dedicated to a social cause—to champion the future generation of Indian athletes, with a portion of the proceeds from the registration being donated towards GoSports’ Long Term Athlete Development Programme.

 

The Skechers Mumbai Walkathon not only maintained its status as a highly anticipated fitness event but also saw the presence of Bollywood stars like Kriti Sanon, Rohit Saraf, and Siddhant Chaturvedi. Since the Walkathon began, the Skechers walking community has grown to close to 30,000 participants, making it a significant engagement event with fitness enthusiasts in India.

 

Rahul Vira, CEO of Skechers South Asia Pvt. Ltd., stated” "The Skechers Mumbai Walkathon has evolved into a highly anticipated fitness event in the city since its inception. This year, our commitment extends beyond the event itself. We believe in fostering sports and wellness as a culture, and the proceeds that we contribute to GoSports reflect our dedication to this cause."

 

Kriti Sanon stated: "Being part of the fourth edition has been truly exciting. Witnessing Skechers promote an active lifestyle within the community was fantastic. The event exceeded expectations and offered a remarkable day of fitness and fun while fostering a strong sense of community engagement."

 

"We were thrilled to have partnered with Skechers in championing the Long Term Athlete Development Programme, emphasizing our unwavering dedication to nurturing sports talent and empowering emerging athletes across various categories in India,” added Deepthi Bopaiah, CEO of the GoSports Foundation. “This collaboration ensured crucial and sustained support for our athletes, paving the way for their journey towards the Olympics in 2028. Aligned with our overarching goal, this partnership with Skechers has played a very important role in fostering excellence and shaping the dreams of aspiring athletes in India."

 

Similar to the previous edition, the Walkathon featured multiple walking categories, including the 10 km walk which was the most intense walking category; a 5 km walk for people aspiring to take up walking as a sport; and the fun 3 km category for kids, family and friends, catering to participants of different fitness levels. The scenic route around Inorbit Mall, Malad, offered participants a delightful and invigorating walking experience.

 

Celebrities and influencers participating in the event led different walking categories, adding a touch of star power to the Walkathon. The route was dotted with entertainment zones, ensuring that participants enjoyed a lively and engaging experience throughout the walk.

 

The Skechers Mumbai Walkathon continues to be a celebration of fitness, health, and community spirit, and the fourth edition set new benchmarks in promoting a fitter and happier lifestyle.


About Skechers South Asia Pvt. Ltd and Skechers U.S.A., Inc.

Skechers South Asia Pvt. Ltd is a subsidiary of Skechers U.S.A., Inc. (NYSE: SKX), a Fortune 500® company based in Southern California. Skechers designs develops, and markets a diverse range of lifestyle and performance footwear, apparel, and accessories for men, women, and children. Collections from The Comfort Technology Company are available in 180 countries and territories through department and specialty stores and direct to consumers through digital stores and approximately 5,000 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow our lifestyle and Skechers Performance sites on InstagramX, and YouTube.

For further details, visit www.skechers.in.

This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results, and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, the opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.

 

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Adroit Industries (India) Limited IPO Opens on Wednesday, September 23, 2026 Total Offer Size- Up to 1,12,47, 000 Equity Shares of face value of ₹10 each Fresh Issue Size - Up to 98,97,000 Equity Shares OFS size - Up to 13,50,000 Equity Shares Total Size - ₹ 150.71 Crore (At Upper Price Band) Price Band - ₹ 126 - ₹ 134 per share Lot Size – 111 Equity Shares Mumbai, September 21, 2026 - Adroit Industries (India) Limited is a vertically integrated manufacturer of propeller shafts and torque-transmission components with over four decades of operational experience, serving automotive, primarily commercial vehicles, and non-automotive applications, including defence and emergency services, heavy equipment and off-highway machinery and industrial equipment across more than 32 countries, proposes to open its Initial Public Offering on Wednesday, September 23, 2026 aiming to raise ₹ 150.71 Crores (At Upper Price Band), with shares to be listed on the BSE & NSE. The offer size is up to 1,12,47,000 Equity Shares with a face value of ₹10 each with a price band of ₹126 - ₹134 Per Share. Equity Share Allocation QIB Portion – Not more than 50.00% of the Offer Non-Institutional Investors - Not less than 15.00% of the Offer Retail Individual Investors - Not less than 35.00% of the Offer The net proceeds from the IPO will be utilized for funding capital expenditure by the company towards procurement of machinery and equipment for enhancement of operations at the Dewas Facility and transportation vehicles for movement of goods between the manufacturing facilities, investment in its subsidiary Adroit Driveshafts Private Limited for capital expenditure towards machinery and equipment at the Pithampur Facility and transportation vehicles for movement of goods between the manufacturing facilities, investment in the subsidiary for repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by it, and general corporate purposes. The anchor bidding is on Tuesday, September 22, 2026. The offer will open on Wednesday, September 23, 2026 and will close on Friday, September 25, 2026. The Book Running Lead Manager to the Offer is Choice Capital Advisors Private Limited and the Registrar is Bigshare Services Private Limited. Mr. Saurabh Sangla, Chairman and Managing Director of Adroit Industries (India) Limited “expressed, The upcoming IPO marks a new phase for the Company. Over the years we have built vertically integrated capabilities spanning forging, precision machining, heat treatment, assembly, balancing and testing, and expanded our portfolio to over 5,000 SKUs of driveline components supplied to customers in more than 32 countries. Going forward, our focus will be on strengthening capacity across our manufacturing facilities, improving operational efficiency, deepening engagement with the Distributors, OEMs and Tier-1 customers across our export and domestic markets and broadening our automotive and non-automotive applications. The IPO will support our plans as we continue to strengthen the business and pursue long-term growth.” Mr. Ratiraj Tibrewal, Director of Choice Capital Advisors Private Limited said, “Adroit Industries (India) Limited has built an export-led driveline business over four decades, with vertically integrated manufacturing and a diversified customer base across automotive and non-automotive applications. The upcoming IPO marks an important step in the Company’s journey as it enters the public markets. We believe the Company’s integrated manufacturing capabilities, long-standing customer relationships and expanding product portfolio provide a foundation for its next phase of growth. We are pleased to be associated with Adroit Industries (India) Limited as it takes this step towards becoming a publicly listed company.” About Adroit Industries (India) Limited Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts – also known as drive shafts or cardan shafts – and related torque-transmission components. Its portfolio spans over 5,000 SKUs of driveline components, including propeller shaft assemblies, yokes, shafts, companion flanges, universal joints and accessories, supplied to automotive applications, largely commercial vehicles and SUVs, and to non-automotive applications spanning defence and emergency services, heavy equipment and off-highway machinery and industrial equipment. The Company operates three manufacturing facilities in Madhya Pradesh – Dewas Facility i.e for die making and forging processes, Pithampur Facility for machining and assembly, operated by its subsidiary Adroit Driveshafts Private Limited, and Sanwer Road Facility for certain finishing operations– with end-to-end in-house capabilities covering forging, precision machining, heat treatment, assembly, balancing and testing. The facility is certified under IATF 16949, ISO 9001, ISO 14001 and ISO 45001. With operations commencing in 1966, the Company has evolved into an export-led driveline components manufacturer, with 95.39% of Fiscal 2026 product sales derived from outside India across more than 32 countries, supported by a Canadian subsidiary for North American customer engagement, and serving 185 customers in Fiscal 2026 through distributors, Tier-1 driveline component suppliers and OEMs. In FY26, The Company achieved a Revenue from operations of ₹1,399.43 million, EBITDA of ₹387.10 million & PAT of ₹261.58 million. Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Adroit Industries (India) Limited IPO Opens on Wednesday, September 23, 2026 Total Offer Size- Up to 1,12,47, 000 Equity Shares of face valu...