Skechers to be acquired by 3G Capital

By Mucahithan Avcioglu

ISTANBUL (AA) - American footwear and apparel company Skechers announced Monday that it agreed to be acquired by private equity investment firm 3G Capital.

"3G Capital to pay $63.00 per share in cash for Skechers, representing a premium of 30% to the Company’s 15-day volume-weighted average stock price," Skechers said in a statement.

The company noted that it will continue to carry out its strategic initiatives after the completion of the acquisition.

"One of the largest founder-led consumer product companies in the world with $9 billion in annual sales, Skechers’ significant growth over the past 30 years has been driven by a relentless focus on delivering style, comfort, quality, and innovation at an affordable price," it said.

The statement pointed out that the transaction, which was unanimously approved by the company's board of directors, is a long-term partnership opportunity for the further development of Skechers.

Skechers will continue to be managed by its current management team and the company's headquarters will remain in California.

The footwear industry, which relies on overseas supply chains, was also affected by the tariffs announced by US President Donald Trump.

While companies were preparing for a decline in consumer spending that would also affect the footwear and clothing sectors, Skechers had withdrawn its expectations for this year due to macroeconomic uncertainty arising from global trade policies.

Last week, leading US shoe manufacturers and retailers asked Trump to exempt footwear products from reciprocity-based tariffs. Skechers was among those companies.