In This Article:
Investment company 3G Capital has reached an agreement to acquire the global footwear brand Skechers at a price of $63.00 per share.
The transaction is valued at approximately $9.42bn, as reported by Reuters.
Under the terms of the deal, Skechers' shareholders have the option to receive $57.00 in cash and one unlisted, non-transferable equity unit in a new, privately held entity that will become Skechers' parent company post-transaction.
Headquartered in Southern California, Skechers offers lifestyle and performance footwear, clothing, and accessories.
The brand's distribution channels include department stores, specialty retailers, direct sales via skechers.com, and its network of over 5,300 retail outlets worldwide, contributing to its annual revenue of $9bn.
In the first financial quarter of 2025, Skechers achieved record-breaking sales of $2.41bn, a 7.1% increase from the previous year's first-quarter earnings of $2.25bn.
Skechers chair and chief executive officer Robert Greenberg said: “With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the company’s long-term growth.”
Post-acquisition, Skechers aims to maintain its strategic focus on product innovation, international expansion, direct-to-consumer channels, domestic wholesale growth, and investments in global distribution and technology infrastructure.
The Skechers Board has given unanimous consent to the acquisition, which awaits customary closing conditions and regulatory approvals.
The anticipated closure is set for the third quarter of 2025.
Skechers' senior management will oversee the transition with support from 3G Capital's team. The company will continue under the leadership of Robert Greenberg as chair and CEO alongside president Michael Greenberg and the existing management team from its Manhattan Beach headquarters.
Following the deal's finalisation, Skechers will transition to a privately held entity and will be delisted from the New York Stock Exchange.
3G Capital co-founder and co-managing partner Alex Behring and co-managing partner Daniel Schwartz said: “We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s calibre and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built, and look forward to supporting the Company’s next chapter. Our team at 3G Capital is built to partner with companies like Skechers.”