Friday, July 5, 2024

Skechers Community Goal Challenge Comes to Its Patna Store

Skechers Community Goal Challenge Comes to Its Patna Store: Setting Fitness Goals With A Noble

Cause

Patna, July 4 th, 2024 – Skechers, the Comfort Technology Company®, celebrated the grand opening of its Patna, City Centre Mall store with a successful Skechers Community Goal Challenge, on 4 th July 2024 in alliance with the Youth Sports Welfare Foundation (YSWF), an NGO dedicated to the promotion and development of sports and the preservation of nature. The seventh edition of this event saw remarkable participation from many enthusiastic participants including Indian Cricketer Ishan Kishan and actress Nushrratt Bharuccha, communally completing the challenging 1000-kilometre run at this key Patna area store.

Given Patna boasts a rich sporting culture, with a strong history in cricket, hockey, and kabaddi, the Skechers Community Goal Challenge served as a perfect platform to celebrate this heritage and encourage residents to embrace an active lifestyle. The event not only fostered community spirit but also inspired many to push their boundaries and reach this ambitious target of 1000 kilometres, which culminated in the last kilometre completed by Ishan Kishan and Nushrratt Bharuccha. Upon reaching the mark, Skechers donated shoes to the Youth Sports Welfare Foundation. The foundation aims to foster athletic talent among the youth, providing them with the necessary resources, training, and support to excel in various sports disciplines. Rahul Vira, CEO of Skechers Asia Pvt. Ltd., said, " Expanding our footprint in Patna with our remarkable store at City Centre Mall represents our commitment to bringing top-notch sportswear and a great shopping experience to our customers. The Skechers Community Goal Challenge was an amazing way to connect with the local community, encourage all to stay active, and support the inspiring work of the Youth Sports Welfare Foundation to inspire and empower youngsters to pursue their sports dreams.

Seeing everyone come together for such a meaningful cause was truly heartwarming." 

Ishan Kishan, Indian Cricketer and Brand Ambassador for Skechers, said “Participating in the Skechers Community Goal Challenge in Patna has been a truly rewarding experience. The discussions around healthy lifestyles and supporting the dreams of underprivileged youth have been inspiring. As a cricketer, I understand the importance of fitness and community support. I am especially happy to do this in my hometown and proud to be associated with Skechers for this contribution towards the society.”  Actress Nushrratt Bharuccha shared her enthusiasm about participating in the Skechers event and said, “Patna Community Goal Challenge has been an incredible experience for me. It’s deeply inspiring and it was wonderful to see the community come together to stay active and support such a worthy cause. This initiative not only brings the community together, but also promotes fitness, and supports the amazing efforts of the Youth Sports Welfare Foundation. I was happy to be part of this incredible initiative by Skechers.”

The Skechers Community Goal Challenge in Patna built upon the Company’s previous editions held in multiple cities like Gurgaon, Chandigarh, Pune, Siliguri, and Dehradun, and continues to inspire healthier lifestyles and make a significant impact within local communities. With an extensive footprint of approximately 421 stores across the country, Skechers proudly showcases its commitment to serving customers across India.

About Skechers South Asia Pvt. Ltd and Skechers U.S.A., Inc. Skechers South Asia Pvt. Ltd is a subsidiary of Skechers (NYSE: SKX), The Comfort Technology Company ® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and speciality stores and direct to consumers through skechers.com and approximately 5,200 Skechers retail stores. A Fortune 500 ® company, Skechers 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 Instagram, Twitter and YouTube.

For further details, visit www.skechers.in.

This announcement contains forward-looking statements that are made under the safe harbour 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, 2023, and its quarterly reports on Form 10-Q in 2024.

 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...