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- Skechers acquired by 3G capital for $ 9.4 Bn
Skechers acquired by 3G capital for $ 9.4 Bn
Is this the beginning of a new wave of boring-but-profitable brands getting serious investor attention?
Olga Merzlyakova
May 05, 2025
I looked up 3G Capital and their past investments—Burger King, Kraft Heinz, AB InBev.
At first glance, the Skechers deal feels a bit out of sync with 3G’s usual deal playbook.
Skechers is highly integrated—owning its stores, managing supply chain operations, and running a significant DTC business. That doesn’t neatly fit the asset-light, franchise-heavy, or lean-supply-chain business models 3G used to support. Also, Skechers is not an underperforming asset.
Skechers is one of the biggest footwear companies in the world. Nearly $9B in revenue, consistent double-digit growth over the past 5 years, founder-led, and profitable. It’s not a turnaround bet (like many of the large deals in the sector recently). It’s a volume game.
If you follow fashion, you probably don’t think about Skechers much. That’s the point. While most brands obsess over aesthetics, seasonal relevance, or trends, Skechers quietly built a global distribution engine with a broad product line, real retail footprint, and loyal—if unglamorous—customers.
The deal valued Skechers at ~8.2x EBITDA or 1.1x revenue. For comparison, here’s how it stacks up against similar deals in the footwear and lifestyle space:
That’s a modest multiple, considering Skechers has grown top-line revenue at double-digit rates over the past 5 years and maintains healthy operating margins for a volume-driven brand.
The real difference is that Skechers doesn’t need a cultural moment to sell product. It’s a replacement-cycle brand. Most consumers don’t try Skechers—they rebuy them.
More interestingly, it hints at a broader question: Is this the beginning of a new wave of boring-but-profitable brands getting serious investor attention?
Would love to hear your thoughts.
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