Connect with us

Hi, what are you looking for?

Webinar News NetworkWebinar News Network

Investing

Skechers to be acquired by 3G Capital in take-private deal, shares soar 25%

Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital for $63 per share, ending its nearly three-decade run as a public company, the retailer announced Monday.

The price 3G Capital agreed to pay represents a 30% premium to Skechers’ current valuation on the public markets, which is in line with similar takeover deals. Shares of Skechers soared more than 25% after the transaction was announced.

“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” Skechers’ CEO, Robert Greenberg, said in a news release.

“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,” he said.

The transaction comes at a difficult time for the retail industry and in particular, the footwear sector, which relies on discretionary spending and overseas supply chains that are now in the crosshairs of President Donald Trump’s trade war. 

Last week Skechers signed onto a letter penned by the Footwear Distributors and Retailers of America trade group asking for an exemption from Trump’s tariffs.

And, a little over a week ago, Skechers withdrew its full-year 2025 guidance “due to macroeconomic uncertainty stemming from global trade policies” as companies brace for a drop in consumer spending that will disproportionately impact the footwear and apparel sectors. 

Skechers declined to say how much of its supply chain is based in China, which is currently facing 145% tariffs, but cautioned that two-thirds of its business is outside of the U.S. and therefore won’t see as much of an impact. 

A source close to the deal who spoke on the condition of anonymity to discuss nonpublic details said the trade environment didn’t force Skechers into a deal and that 3G Capital had been interested in acquiring the company for years.

Tariffs do present some uncertainty in the short term, but 3G Capital believes the long-term outlook of Skechers’ business remains attractive and is well positioned for growth, the person said.

Skechers is the third-largest footwear company in the world behind Nike and Adidas.

Greenberg will stay on as Skechers’ CEO and continue enacting the company’s strategy after the acquisition is completed.

This post appeared first on NBC NEWS

You May Also Like

Investing

WASHINGTON — Boeing CEO Kelly Ortberg told senators on Wednesday that he’s happy with the company’s progress improving manufacturing and safety practices following several accidents, including a near catastrophe last...

Investing

United Airlines plans to add daily flights to Vietnam and Thailand in October, further expanding the network for the U.S. carrier that already has the...

Investing

Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after...

Investing

Warren Buffett went on the record Friday to deny social media posts after President Donald Trump shared on Truth Social a fan video that...