Private equity company 3G Capital has finalised the acquisition of Skechers, taking the footwear company private.
Skechers’ shares ceased trading on the New York Stock Exchange (NYSE) as of 12 September.
The deal, valued at $9.42bn according to Reuters, was announced in May.
3G Capital agreed to pay $63.00 per share in cash for all outstanding shares of Skechers.
The deal includes the option for Skechers’ shareholders to instead get $57.00 in cash and one “unlisted, non-transferable equity unit” in a new privately held entity that, upon completion, will be the parent company of Skechers, according to the footwear brand in May.
Skechers will continue to be led by its executive management team, including CEO Robert Greenberg and president Michael Greenberg. It will remain based in Manhattan Beach, California.
Its network encompasses department stores, specialty retailers, direct online sales, and more than 5,300 retail outlets worldwide.
The company plans to sustain its focus on product innovation, international expansion, direct-to-consumer channels, domestic wholesale growth, and investments in global distribution and technology infrastructure.
In the first quarter of fiscal year 2025, Skechers reported sales of $2.41bn, up 7.1% from the same quarter a year ago. Both international and domestic segments saw uptick in sales.
Its gross profit for the quarter was $1.25bn, marking a 6.2% growth from the previous year, though gross margin contracted by 50 basis points to 52.0%, mainly due to lower average selling prices.
