NEW YORK – Skechers, the global footwear giant founded by Jewish entrepreneur Robert Greenberg, is being acquired for more than $9 billion by investment firm 3G Capital — a deal that comes amid rising trade tensions and economic uncertainty driven by President Donald Trump’s tariffs on Chinese imports.
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The move will take Skechers private, though the Greenberg family will continue to lead the brand. Robert Greenberg, who launched the company in Manhattan Beach, California in 1992, will stay on as CEO and Chairman. His son, Michael Greenberg, will remain as President.
The sale price of $63 per share marks a 30% premium over Skechers’ recent 15-day trading average. The stock surged nearly 25% on Monday following the announcement.
While Skechers and 3G Capital did not reference the tariffs in their press release, the timing is significant. Trump’s recent 125% tariff hike on Chinese imports — a retaliatory move after Beijing raised duties to 84% — has thrown global supply chains into chaos. With a large portion of Skechers’ production stamped “Made in China,” the pressure is mounting.
About 97% of footwear sold in the U.S. is imported, mostly from Asia. Skechers executives have acknowledged the difficulty of operating in what CFO John Vandemore called “a dynamic environment,” pointing to possible price adjustments and shifts in sourcing strategy.
Despite these headwinds, Skechers posted record revenue of $9 billion in 2024 and net earnings of $640 million. Roughly two-thirds of its sales are international, with China alone accounting for 15% of its business.
The Greenbergs, prominent Jewish figures in Southern California’s business and philanthropic communities, built Skechers from a single brand into a global presence with over 5,000 retail locations worldwide. The company has long been known for its family leadership, bold marketing, and resilience through shifting retail trends.
When the transaction is finalized — likely in the third quarter — Skechers will maintain its headquarters in Manhattan Beach and remain under the leadership of its founding family.
look at check its not 2.5 million its 715 thousand
The company netted almost 9bil in revenue in ’24 and sold only for that amount?? Pardon the pun, but “very sketchy!”
I stopped buying from them because they became extremely WOKE
Bravo
Wow, that’s quite a lot of money to make.
anybody know his address? I have a few charities to collect for…(humor)
Good money
Disgrace. Another one making money from the public just like El Al. Actually it is even worse, people need shoes, they don’t need flights. They should reduce the prices.
Check amount you would make a good accountant if not for your critical thinking
Because your bitter and jealous
Refuah Shlaimah
Why are you voting this down?
Do you know him?
Was he your counselor in camp?
What do you know to take a side in this?