Manhattan Beach-based Skechers USA announced Monday that it was being acquired by 3G Capital, a global investment firm, in a deal valued at approximately $9.4 billion.
The sale will see the iconic footwear company become privately held, with 3G Capital paying $63 per share in cash.
Skechers, known primarily for its casual and athletic shoes, was founded by Robert Greenberg in 1992. It has grown to become the third-largest footwear brand in the United States and has over 5,300 stores around the world.
Its headquarters will remain in Manhattan Beach at its campus on the 3300 block of Sepulveda Boulevard, the company said.
A Skechers USA, Inc. corporate office building is pictured in Manhattan Beach, California on October 26, 2022. (Getty Images)
“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 organization, in-demand comfort-focused product offering, and loyal partners,” Greenberg, who remains CEO, said in a statement. “With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital.”
Greenberg and the rest of the current management team will continue to run the business, the company 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,” said Alex Behring, co-founder of 3G Capital. “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.”
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