GIC backs 3G Capital in acquisition of footwear firm Skechers in S$12b deal
According to the notice submitted on 26 June 2025, the transaction involves 3G Capital indirectly acquiring Skechers' outstanding shares. Skechers is the third-largest footwear company in the world. The transaction will see it go private for around US$9.4 billion (S$12 billion). The deal is expected to close in Q3 2025. Following this, Skechers' stock will be delisted from the New York Stock Exchange.
Known for its wide range of lifestyle and performance products, Skechers operates in 180 countries and has annual sales of US$9 billion. Most recently, it reported record sales of $2.41 billion in Q1 2025. With 65% of its revenue coming from international markets, Skechers has shown a strong global presence.
GIC's involvement brings strategic benefits to the deal. The sovereign wealth fund will provide capital and gain certain rights in the company. It could benefit from 3G Capital's track record of improving operations.
GIC likely sees long-term growth potential in Skechers' focus on affordable, comfort-driven products. Most recently, it backed the acquisition of German property tech firm Techem.
Its assets under management (AUM) as of July 2025 are estimated at $800 billion by the Sovereign Wealth Fund Institute, while research firm GlobalSWF suggests an AUM of $847 billion. GIC does not disclose its AUM as a matter of policy, to protect Singapore's reserves from speculative attack. In its 2023/2024 annual report, it reported nominal returns of 5.8% and a real return of 3.9%.
3G Capital, which backs major consumer brands like Burger King and Kraft Heinz, aims to strengthen Skechers' solid market position and worldwide distribution network. The investment will see the company's founder Robert Greenberg retained to lead it post-acquisition.
The decision to go private comes during tough market conditions. These include high U.S. tariffs on Chinese imports and trade tensions between the U.S. and its trading partners. Given Skechers' manufacturing base and international supply chains, going private permits more flexible restructuring of supply chains and operations.
For Skechers, the deal will provide an opportunity to improve operational efficiencies. Taking the company private offers more flexibility due to reduced shareholder pressure. Its focus on comfortable products, new technologies, and strong brand recognition puts it in a good position for ongoing growth.
The CCI application shows that the parties believe the deal will not seriously harm competition in India. This is an important factor for international acquisitions.
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