Under the shadow of President Trump’s escalating tariffs, US footwear leader Skechers has agreed to a $9.4 billion takeover by private equity firm 3G Capital. The deal, at $63 per share, is expected to close later this year and will take the brand private, with CEO Robert Greenberg maintaining his role.
Tariff pressure looms large: Skechers sources nearly all its shoes from Asia and generates about two-thirds of its revenue outside the US. Industry peers including Nike and Adidas warned in late April that the White House’s "reciprocal tariff" plan poses an "existential threat" to American shoemakers.
In a joint letter, more than 80 leading US footwear companies and the Footwear Distributors and Retailers of America urged the administration to exempt shoes from new duties. Companies cited preexisting tariffs—for example, duties on children’s shoes ranging from 150% to 220%—and warned that further levies won’t lure production back to the US but will erase the "business certainty" needed for investment.
The signatories cautioned that higher costs could trigger job losses, drive up prices, and dampen consumer spending—potentially rippling through the broader economy.
Skechers, which operates about 5,300 stores worldwide (1,800 company-owned), posted record 2024 revenue of $9 billion and net earnings of $640 million. Still, its stock slid in recent months as tariff fears mounted, and the company pulled its full-year outlook in April, citing "macroeconomic uncertainty."
The sale to 3G Capital underscores a turning point for global brands navigating trade-policy headwinds and shifting supply chains—an issue that resonates for young travelers, digital nomads, entrepreneurs, and anyone watching how global politics reshape everyday products.
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US footwear giant Skechers to be sold under shadow of Trump's tariffs
cgtn.com
