关税重压+在华疲软，“美国老头乐”斯凯奇遭遇“敦刻尔克”

Core Viewpoint - Skechers has been acquired by 3G Capital for $9.42 billion, with a premium of 28% over the last closing price, reflecting 3G Capital's confidence in Skechers' long-term growth prospects [3][19]. Group 1: Acquisition Details - The acquisition offers Skechers shareholders two options: $63 per share in cash or $57 per share plus equity in the privatized parent company, with 3G Capital opting for the cash option [3]. - The deal is expected to be completed in the third quarter of this year, after which Skechers will be delisted from the New York Stock Exchange [1][3]. - Despite the acquisition, Skechers' existing management structure will remain intact, with CEO Robert Greenberg and other executives continuing to lead the company [3]. Group 2: Financial Performance - Skechers has shown a cumulative sales increase of 96% from 2020 to 2024, with a compound annual growth rate of 12%, outperforming competitors like Nike and Adidas [5]. - In 2024, Skechers reported sales of $8.969 billion, a year-on-year growth of 12.1%, and a net profit of $639 million, marking a 17.2% increase [5]. - The first quarter of 2024 saw revenues of $2.412 billion, with a 7.1% year-on-year increase, although net profit declined by 2% [7]. Group 3: Market Challenges - Skechers faces significant challenges in the Chinese market, with first-quarter revenues dropping nearly 16% year-on-year to $269 million, contributing to global growth issues [11]. - The company has been heavily impacted by U.S. tariffs, with a reported 150-200 basis point reduction in gross margins due to increased costs from tariffs on Chinese imports [9]. - Skechers' strategy of relying on a cost-first supply chain has made it vulnerable to tariff impacts, leading to a withdrawal of its 2025 fiscal guidance [9]. Group 4: Future Outlook - Skechers aims to achieve $10 billion in global revenue by 2026, with a target of 30 billion RMB in annual sales in the Chinese market [17]. - The company plans to enhance its presence in first- and second-tier cities in China, focusing on product and marketing investments [11][17]. - However, the transition to private ownership under 3G Capital may pose challenges, as the firm is known for aggressive cost-cutting measures that could conflict with Skechers' growth ambitions [19][20].