Skechers, the third-largest footwear brand in the United States, is being acquired for over nine billion U.S. dollars and taken private by the investment firm 3G Capital, just days after the company signed a letter warning the country's footwear industry could suffer immense damage due to the tariffs imposed by the U.S. President Donald Trump's administration.
The board of Skechers unanimously approved the deal, the companies announced on Monday.
Founded in 1992, Skechers reported a record nine billion U.S. dollars in revenue in 2024, with net earnings of 640 million U.S. dollars.
According to a joint statement by Skechers and 3G Capital, the latter would pay 63 U.S. dollars per outstanding share for Skechers in a deal both companies expect to close later this year, valuing the footwear brand at 9.4 billion dollars.
They stated that Skechers would become a privately-held company once the deal closes, with Skechers' chief executive Robert Greenberg expected to remain in his role and continue overseeing the company's strategy.
This deal took place amid turmoil in the footwear industry. Skechers, along with other footwear giants such as Nike and Adidas, signed a letter issued on April 29, warning U.S. President Donald Trump that his tariffs policy posed an "existential threat" to the country's footwear industry.
In April, Skechers also withdrew its full-year outlook, citing "macroeconomic uncertainty stemming from global trade policies." CFO John Vandemore likened the economic environment to the pandemic, indicating that the company was mitigating the impact of Trump's tariffs by sharing costs with vendors and adjusting prices.
According to data from the firm FactSet, China accounts for 15 percent of Skechers' revenue. The American Apparel and Footwear Association states that about 97 percent of the clothes and shoes purchased in the U.S. are imported, primarily from Asia.
World's 3rd-largest footwear brand agrees to acquisition under shadow of Trump's tariffs
