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Yahoo
11-05-2025
- Business
- Yahoo
Skechers Set To Go Private Amidst Tariff Drama, Hopes New Partnership Will 'Enable The Company's Long-Term Growth'
Skechers will be acquired by 3G Capital, it announced Monday The investment firm purchased the footwear giant for $9.5 billion in a deal that will take it private The acquisition comes at a time when tariffs have companies in the footwear industry nervous about the future Skechers (NYSE:SKX) announced Monday that it will be acquired by global investment firm 3G Capita for $9.5 billionl. The third-largest shoe company in the world, Skechers was founded in 1992 by father-son duo Robert and Michael Greenberg. The company is still founder-run, and the Greenbergs will retain their respective positions as CEO and president after the take-private deal closes. 3G Capital has previously acquired Burger King and Tim Hortons and is responsible for the Kraft-Heinz merger. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — According to Skechers, 3G will buy out each of the company's 18 million public shares in one of two ways. Either it will pay $63 in cash for each share, or it will pay $57 per share with the addition of a single share in the new LLC that will become Skecher's parent company. "Over the last three decades, Skechers has experienced tremendous growth," Robert Greenberg said. "Given [3G Capital's] 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." The deal is expected to close in the third quarter of this year. Trending: How do billionaires pay less in income tax than you?. In 2024, Skechers reported a record $9 billion in sales. Some 62% of those sales take place outside the U.S., in one of the 180 countries the company has a presence in, according to a recent investor presentation. The deal with 3G Capital comes at a time when uncertainties about international sales and imports are increasing. Skechers, in particular, could feel the crunch of those tariffs since its manufacturing operations are primarily overseas in places like China and India. Tariffs on products made in China currently sit at 145% and at 26% on products made in India. But the potential financial shift doesn't seem to have shaken 3G Capital's feelings on the deal. "We have immense admiration for the business that this team has built, and look forward to supporting the Company's next chapter," Alex Behring and Daniel Schwartz, co-managing partners of the firm, said in the announcement. Read Next:Nancy Pelosi Invested $5 Million In An AI Company Last Year — UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? SKECHERS USA (SKX): Free Stock Analysis Report This article Skechers Set To Go Private Amidst Tariff Drama, Hopes New Partnership Will 'Enable The Company's Long-Term Growth' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
08-05-2025
- Business
- Fashion Network
Skechers expands performance retail concept to Europe
Skechers is bringing its performance store concept to Europe with the opening of a new flagship store in the heart of Ghent, in northwest Belgium. Located on the pedestrianized shopping street Veldstraat, the more than 7,700-square-foot space offers Belgian consumers a complete Skechers experience. Designed as a modern, digitally enhanced space, the Ghent flagship is outfitted with high-resolution LED screens and staffed by product specialists and educators, offering an immersive, tech-driven shopping experience. The store houses Skechers' signature technologies, while dedicated areas also spotlight specialized collections for football, running, basketball, golf, and pickleball. In addition to its extensive footwear selection, the store carries coordinating apparel and accessories. 'Skechers Performance has been a game-changer with our advancements and comfort features, as elite pros sign up to play and win in our product on the pitch, court, and green,' said Michael Greenberg, president of Skechers. 'We opened our first-ever performance flagship store in Canada in January to huge fanfare—a new concept with our latest performance product gallery in Ghent. This will enable more athletes and enthusiasts to discover our signature comfort that performs, alongside consumers of every age who wear our lifestyle product.' The new Skechers store joins eight retail locations across Belgium, with an additional location opening in Messancy this summer. 'Consumers in Belgium are familiar with our brand and its comfort—and with this store joining our current locations in Brussels, Antwerp and other destinations, we now have a retail presence in our three largest cities and beyond—offering more access than ever to the product portfolio that Skechers is known for around the world,' added Maurice van Berkel, general manager of Skechers USA Benelux B.V.
Fashion Network
08-05-2025
- Business
- Fashion Network
Skechers expands performance retail concept to Europe
Skechers is bringing its performance store concept to Europe with the opening of a new flagship store in the heart of Ghent, in northwest Belgium. Located on the pedestrianized shopping street Veldstraat, the more than 7,700-square-foot space offers Belgian consumers a complete Skechers experience. Designed as a modern, digitally enhanced space, the Ghent flagship is outfitted with high-resolution LED screens and staffed by product specialists and educators, offering an immersive, tech-driven shopping experience. The store houses Skechers' signature technologies, while dedicated areas also spotlight specialized collections for football, running, basketball, golf, and pickleball. In addition to its extensive footwear selection, the store carries coordinating apparel and accessories. 'Skechers Performance has been a game-changer with our advancements and comfort features, as elite pros sign up to play and win in our product on the pitch, court, and green,' said Michael Greenberg, president of Skechers. 'We opened our first-ever performance flagship store in Canada in January to huge fanfare—a new concept with our latest performance product gallery in Ghent. This will enable more athletes and enthusiasts to discover our signature comfort that performs, alongside consumers of every age who wear our lifestyle product.' The new Skechers store joins eight retail locations across Belgium, with an additional location opening in Messancy this summer. 'Consumers in Belgium are familiar with our brand and its comfort—and with this store joining our current locations in Brussels, Antwerp and other destinations, we now have a retail presence in our three largest cities and beyond—offering more access than ever to the product portfolio that Skechers is known for around the world,' added Maurice van Berkel, general manager of Skechers USA Benelux B.V.
Business Wire
08-05-2025
- Business
- Business Wire
First European Performance-Focused Skechers Store Opens in Belgium
WAALWIJK, Netherlands--(BUSINESS WIRE)--Following the opening of Skechers' first performance store in Canada earlier this year, the global brand is exporting the innovative retail format to Europe with a newly opened store in Ghent. At the store on the city's famed Veldstraat, consumers can try the latest product from The Comfort Technology Company ®, including its tech performance footwear worn by leading athletes across sports and renowned lifestyle innovations like Skechers Hands Free Slip-ins ®. 'Skechers Performance has been a game-changer with our advancements and comfort features, as elite pros sign up to play and win in our product on the pitch, court, and green,' said Michael Greenberg, president of Skechers. 'We opened our first-ever performance flagship store in Canada in January to huge fanfare—a new concept with our latest performance product gallery in Ghent. This will enable more athletes and enthusiasts to discover our signature comfort that performs, alongside consumers of every age who wear our lifestyle product.' Designed to offer a complete Skechers experience, the new 7,700+-square-foot store at Veldstraat 94 will showcase the brand's extensive offering of footwear, coordinating apparel and accessories, supported by specialists and educators. Surrounded by state-of-the-art digital LED screens, the modern architectural space will showcase Skechers' commitment to product for all walks of life and interests. Consumers can shop the Company's signature innovations like Skechers Hands Free Slip-ins ® Technology, Skechers Glide-Step ® Technology, Skechers Hyper Burst Pro ™ Technology, Skechers Performance FitKnit ® Technology, Skechers Arch Fit ® Technology, Skechers Max Cushioning ® Technology and Skechers Air-Cooled Memory Foam ® Technology. The store also features Skechers' specialized football, running, golf, basketball and pickleball collections. 'Located on a pedestrianized street trafficked by eight million visitors each year, our new store in the heart of Ghent is an ideal space for locals and tourists to experience our popular Glide-Step ® and new Skechers Cozy Fit™ styles as well as football boots worn by elite athletes,' said Maurice van Berkel, general manager of Skechers USA Benelux B.V. 'Consumers in Belgium are familiar with our brand and its comfort—and with this store joining our current locations in Brussels, Antwerp and other destinations, we now have a retail presence in our three largest cities and beyond—offering more access than ever to the product portfolio that Skechers is known for around the world.' Skechers' global roster of elite pros competing in Skechers footwear includes KAA Gent attacking midfielder Max Dean as well as football players Harry Kane, Isco Alarcón, Mohammed Kudus, Matt O'Riley, Niccolò Pisilli, Misa Rodríguez, Oleksandr Zinchenko and Barış Alper Yılmaz among many others; basketball stars Julius Randle, Norman Powell, Terance Mann, Joel Embiid, Rickea Jackson and Kiki Iriafen; golfers Matt Fitzpatrick, Brooke Henderson and Bernhard Langer; pickleball pros Tyson McGuffin and Catherine Parenteau; Indian Premier League cricket stars Jasprit Bumrah, Ishan Kishan and Yastika Bhatia; and baseball players Clayton Kershaw, Chris Taylor, Brendan Donovan, Aaron Nola, Wade Miley and Jake Burger. The new Skechers store joins eight retail locations across Belgium, with an additional location opening in Messancy this summer. Consumers can also shop at and and leading retailers across the country. About Skechers U.S.A. Benelux B.V. and Skechers U.S.A., Inc. Skechers USA Benelux B.V. is a subsidiary of Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology Company ® based in Southern California. Skechers 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 specialty stores, and direct to consumers through and more than 5,300 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 and follow us on Facebook, Instagram and YouTube. This announcement contains forward-looking statements that are made pursuant to the safe harbor 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, 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, tariffs 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, 2024 and its quarterly reports on Form 10-Q in 2025. 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.
Yahoo
08-05-2025
- Business
- Yahoo
Skechers to go private following $9.4B deal with 3G Capital
Private equity firm 3G Capital reached a deal to buy Skechers and take the footwear company private. The two announced the multibillion-dollar transaction on Monday, with California-based Skechers saying the deal received "unanimous" approval from its board. Under the deal, 3G Capital will purchase outstanding Skechers shares for $63 each. There is also an "option for existing shareholders of Skechers to instead receive $57.00 in cash and one unlisted, non-transferable equity unit… in a newly-formed, privately held company that, following the closing of the transaction, will be the parent company of Skechers," the footwear company said. The entire deal is reportedly worth $9.4 billion. 3G Capital's purchase of Skechers is anticipated to be completed in the third quarter. It is "subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals," per Skechers. Skechers will stop trading on the New York Stock Exchange once the private equity firm finishes the transaction and officially takes the footwear company private. It has been a publicly traded company for nearly 26 years, using the ticker "SKX." Skechers CEO Robert Greenberg said in a statement the footwear company was "entering its next chapter in partnership with the global investment firm 3G Capital." Read On The Fox Business App "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 of 3G Capital. The management team currently running Skechers, including Robert Greenberg and President Michael Greenberg, will stay at the helm of the footwear company post-transaction, Skechers said. The company also said it plans to "continue to execute its ongoing strategic initiatives including designing award-winning and innovative product, international development, direct-to-consumer expansion, domestic wholesale growth and strategic investments in global distribution, infrastructure and technology." Sneakers in a Skechers store in New York, on Monday, May 5, 2025. In late April, Skechers said it had generated $2.41 billion in sales in the first quarter. Its net earnings, meanwhile, came in at $202.4 million. The company rescinded its annual guidance for 2025, a decision it attributed to "macroeconomic uncertainty stemming from global trade policies" amid the Trump administration's implementation of tariffs with almost all trading partners.
