Skechers

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Skechers Incorporated
Public
Traded as NYSE: SKX
Founded 1992
Founder Robert Greenburg
Headquarters Manhattan Beach, California, U.S.
Number of locations
 503 (company-owned worldwide)[1]
Key people
 Robert Greenberg
(Co-founder, CEO)
Michael Greenberg
(Co-founder, Chairman)
Products Footwear, Apparel
Revenue Increase US$ 1.846 billion (FY 2013)[2]
Increase US$ 60.868 million (FY 2013)[2]
Number of employees
 6,868 (Jan 2014)[2]
Slogans Skechers., It's the S. (1990–2000), From Skechers. (2006–), By Skechers. (2006–), The shoes that can breathe (2006–), New from Skechers (2006-2010)
Website skechers.com
File:Skechersheadquartersmanhattanbeach.jpg
Skechers headquarters in Manhattan Beach
File:HK TST 星光行 Star House 星光城 Star City entrance Skechers 10-2009.JPG
Skechers, which operates in more than 100 countries, has grown from revenue from its international wholesale business.

Skechers is an American footwear company headquartered in Manhattan Beach, California, founded by CEO Robert Greenberg and his son Michael in 1992. After Robert left LA Gear, which he had founded in 1983, the Greenbergs set up Skechers as a distributor for Doc Martens.[3] Importing counterfeit Doc Martens boots ended in a legal battle between Skechers and R. Griggs Group.[4]

History and products

Skechers' early products were utility-style boots and skate shoes; the company has since diversified to include thousands of athletic, casual and dress styles for men, women, and children.[5]

Skechers makes an effort to maintain a trendy and stylish brand image by using celebrity-driven advertising,[1] and has promoted its product with The Voice television show winner Danielle Bradbery, TV personality Brooke Burke-Charvet, marathon runner Meb Keflezighi, quarterback Joe Montana, and entrepreneur Mark Cuban.[6] In 2014, the company signed a deal with the owners of the race horse California Chrome to display the company's logo on various items worn by the horse and his handlers during the 2014 Belmont Stakes.[7] In October 2014 musician Ringo Starr signed to appear in the global marketing campaign for Skechers Relaxed Fit footwear.[8]

The company offers two distinct footwear categories: a lifestyle division that includes the charity line BOBS and Relaxed Fit comfort shoes, and a performance division that includes Skechers GOrun and GOwalk footwear. Through licensing agreements, the company offers branded apparel, bags, watches, eyewear and additional merchandise. Skechers has an extensive network of global distributors that sell its product in over 120 countries and territories, and nearly 900 Skechers stores around the world.[6]

In 1998, Skechers signed an agreement with ModaCAD Inc. to participate in ModaCAD's dynamic interactive, photo-realistic 3-D rendered virtual shopping mall.[9]

Litigation

In 2012, Skechers agreed to settle a class action lawsuit for $40 million based on a U.S. Federal Trade Commission complaint that it had misled customers with its Shape-Ups ads.[10]

Stock and corporate governance

On September 25, 2015, the financial media outlet Benzinga reported that hedge fund manager Emmanuel Lemelson, chief investment officer of Lemelson Capital Management, was short Skechers at an average (adjusted for a 3:1 stock split) cost of $132," calling it "radically overpriced," and that he would continue to short the stock. Lemelson also said the stock was vulnerable to a "precipitous fall." Twenty seven days later, on October 22, 2015, shares of the company plunged more than 30 percent in one day following disappointing earnings.[11][12]

References

  1. ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 2.2 SKECHERS U.S.A., INC. Form-10K, Securities and Exchange Commission, February 28, 2014
  3. ↑ Sole Survivors. Forbes.com. Retrieved on 2011-04-30.
  4. ↑ Robert Greenberg 1940— Biography – Entrepreneurial skills, L.a. gears boom and bust. Referenceforbusiness.com. Retrieved on 2011-04-30.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ 6.0 6.1 Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ "Skechers signs Ringo Starr," Skechers blog, October 20, 2014, Retrieved November 14, 2015.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ "Lemelson: Skechers still a short after losing a third of its share value," by Jayson Derrick, Benzinga, October 23, 2015, Retrieved October 26, 2015.
  12. ↑ "Meet the priest of Wall Street," Fox Business, November 5, 2015, Retrieved November 12, 2015.

External links

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