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3G Capital will buy Skechers for what could be worth up to $11 billion, the shoemaker announced in a news release on Monday, May 5. Once finalized, the deal will make Skechers private and it'll be delisted from the New York Stock Exchange.
Skechers, which is the third-largest footwear brand globally behind Nike and Adidas, will continue to be led by CEO Robert Greenberg and president Michael Greenberg. The company's headquarters will remain in Manhattan Beach, California.
Robert Greenberg, who co-founded Skechers more than 30 years ago, said Skechers' success is rooted in consistency and innovation.
"Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners," he said. "With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital."
The deal comes about a week after Skechers signed a letter alongside many other major footwear companies, urging Trump to exempt shoes from his tariffs.
Footwear already faces some of the highest duties in the US tariff code, with rates on children's shoes reaching 20% to 37.5% before Trump's duty hikes. The added tariffs could push some total duties up to nearly 220%, according to the letter.
The shoemakers warned of looming job losses and unaffordable prices if Trump's tariffs proceed as planned.
"We are in fact the one industry where tariffs do not significantly increase domestic production; tariffs just become a major impact at the cash register for every family," the companies wrote. "If the current situation continues, American footwear workers and consumers will suffer. This is an emergency that requires immediate action and attention. The American footwear industry does not have months to adjust business models and supply chains while absorbing this unprecedented and unforeseen tariff regime."
The agreement was also announced just days after Skechers pulled its 2025 financial forecast, citing "macroeconomic uncertainty stemming from global trade policies," CNBC reported. Skechers didn't specify how much of its supply chain depends on China, which now faces tariffs as high as 145%, but a company spokesperson noted that two-thirds of its business is international, limiting the impact.
The deal offers shareholders $63 a share in cash, which is a 30% premium over the company's recent average stock price. They could also accept a mixed option of $57 cash and an equity unit in the newly formed parent company.
Skechers' board, including an independent committee of directors, unanimously approved the sale. Shareholders holding about 60% of the company's voting power also agreed to the deal.
The sale is expected to be completed by the end of September.
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