Skechers to be taken private in bumper buyout deal

Skechers has agreed to be acquired by 3G Capital in a $9.42bn (£7.05bn) deal that will see the business go private after 26 years of listing on the public market.

The footwear retailer confirmed the acquisition in a joint statement that 3G Capital will pay $63 (£47) per outstanding share in cash for the Skechers business as part of a transaction “unanimously approved” by the Skechers board.

Upon completion, Skechers will become a private company and according to reports it marks the “footwear industry’s biggest buyout to date”.

Skechers chief executive and chair Robert Greenberg will remain in his role following the acquisition and will continue to lead the business alongside president Michael Greenberg and chief operating officer David Weinberg.

Skechers said it will remain focused on its strategy moving forward to prioritise “style, quality and innovation at an affordable price”.

Skechers chief executive Greenberg said: “Over the last three decades, Skechers has experienced tremendous growth. Our success has been due to our commitment to excellence and innovation across the entire Skechers organisation, in-demand comfort-focused product offering, and loyal partners.

“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.”

3G Capital co-founder Alex Behring said: “We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber 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.”

The news comes after Skechers, alongside rivals Nike and Adidas, signed a letter last week urging US president Donald Trump to exempt shoes from reciprocal tariffs after they posed an “existential threat” to the wider US footwear industry.