Australian fashion and footwear distributor Accent Group has confirmed that its local distribution agreement with Skechers will be unchanged after the American brand was acquired in a US$9.4 billion deal.
Accent Group is the distributor of Skechers in Australia and New Zealand under a long-term distribution agreement.
“Accent notes Skechers USA Inc. announcement this morning of an agreed transaction to be acquired by 3G Capital and confirms that the transaction does not trigger any variations or changes to Accent’s distribution agreement with Skechers,” Accent shared to market.
The Skechers brand was founded in 1992 in the United States, and designed, develops and markets lifestyle footwear that appeals to trend-savvy customers.
Accent Group became the first distributor of Skechers in the world in 1993, according to the local company’s website. Featuring an extensive Skechers wholesale business, the brand also includes 98 mono-branded stores in Australia and New Zealand, with plans to expand this further ahead.
Globally, the Skechers brand accrues around US$9 billion (~A$13.95 billion) in annual sales.
“Over the last three decades, Skechers has experienced tremendous growth,” Skechers chairman and CEO Robert Greenberg said.. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners.
“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company’s long-term growth.”
The transaction with 3G Capital was unanimously approved by the Skechers board.
3G Capital co-managing partner Daniel Schwartz and co-founder Alex Behring both said they were thrilled to partner with Skechers.
“We have immense admiration for the business that this team has built, and look forward to supporting the company’s next chapter. Our team at 3G Capital is built to partner with companies like Skechers.”