Skechers(US:SKX) 创业邦·2025-05-17 03:27Core Viewpoint - The acquisition of Skechers by 3G Capital for $9.42 billion marks the largest deal in the footwear industry to date, with significant implications for both companies and the market [2][5]. Group 1: Acquisition Details - Skechers announced its sale to 3G Capital for $9.42 billion (approximately 678 billion RMB), with the transaction expected to close in Q3 of this year, leading to Skechers' delisting from the NYSE [2]. - This acquisition is notable not only for its size but also because it represents 3G Capital's first foray into the footwear sector, having previously focused on food and beverage companies [5][19]. - Warren Buffett expressed interest in acquiring Skechers, indicating a potential valuation of around $10 billion (approximately 720 billion RMB) [2]. Group 2: Company Performance - Skechers achieved a global sales increase of 12.1% year-over-year, reaching nearly $9 billion, with a net profit of $640 million, and is projected to reach $10 billion in revenue by 2026 [4]. - The brand holds the third-largest market share in the global sportswear market, trailing only Nike and Adidas [4]. - Skechers has seen significant growth in China, with retail sales increasing from 74 million RMB in 2008 to 16.6 billion RMB in 2019, representing a compound annual growth rate of 73% [22]. Group 3: 3G Capital Background - 3G Capital, founded in 2004, is known for its large-scale investments and has a history of successful acquisitions in the food and beverage sector, including Anheuser-Busch and Kraft Heinz [10][17]. - The firm is led by three Brazilian billionaires, including Jorge Paulo Lemann, who is recognized as one of the wealthiest individuals in Brazil [4][10]. - 3G Capital's investment strategy focuses on acquiring companies with strong brand potential but poor management, allowing for operational improvements and cost reductions [16][14]. Group 4: Market Context and Future Outlook - The acquisition comes at a time when Skechers is facing challenges in the Chinese market, with a reported 0.9% decline in sales and a 16% drop in Q1 of this year [24][25]. - Skechers has withdrawn its earnings guidance for FY2025 due to uncertainties in the Chinese market and global economic conditions [25]. - 3G Capital aims to leverage its expertise to enhance Skechers' growth trajectory, with plans to open an additional 3,000 stores in China and achieve a revenue target of 30 billion RMB from the Chinese market by 2026 [30][31].