Skechers USA, Inc. has built a strong presence in the footwear industry since it began. Known for comfort and style, the company has thrived in both the U.S. and international markets. Here’s a look at the key milestones and details of Skechers’ ownership.
The Birth of Skechers
Skechers was founded in 1992 by Robert Greenberg, who established LA Gear in 1983. Greenberg left LA Gear to launch Skechers, focusing on men’s street shoes. The company started with utility-style boots that became popular during the grunge fashion era. The headquarters were set up in Manhattan Beach, California, which is still its base of operations.
The 1990s: The Rise of a Brand
1993: Skechers introduced its first major product, the ‘Chrome Dome,’ a unisex grunge-style boot. These boots made Skechers a trendy brand, appearing in major department stores like Nordstrom.
1995: Skechers stopped distributing brands like Cross Colours and Karl Kani.
1997: Expansion into international markets began. By the decade’s end, the company had launched over 900 styles, including the Skechers Sport line in 1998.
1998: Skechers entered the athletic footwear segment, competing with industry giants like Nike.
The 2000s: Award-Winning Growth
2000: Skechers was recognized by Business Week as one of the “100 Best Small Companies” and named “Company of the Year” by Footwear News.
2001: The company expanded into women’s lines and opened flagship stores in London, Dusseldorf, and Tokyo.
2007: Skechers aimed to increase international sales from 12% to 25% of total revenue.
The 2010s: Triumphs and Challenges
2012: Skechers settled for $40 million for misleading advertising about their Shape-Ups line, following a United States Federal Trade Commission complaint.
2014: Forbes named Skechers the “hottest major brand in the United States.” The company became the fifth-largest sneaker company globally by market share.
2019: Skechers doubled its corporate headquarters and faced a patent lawsuit from Nike over its VaporMax and Air Max 270 designs.
The 2020s: Continuing Legacy and Expansion
2021: French prosecutors investigated Skechers for potentially profiting from forced Uyghur labor. Despite this, the company continued to see strong demand and grow its operations.
2024: Skechers’ annual revenue reached $8.25 billion, an 8.17% year-over-year increase.
Ownership and Management
Skechers is owned by institutional, retail, and individual investors. Institutional investors control 53.64%, insiders own 1.82%, and public companies and individual investors hold the remaining 44.54%. Major shareholders include Vanguard Fiduciary Trust Co. and BlackRock Advisors LLC.
Leadership
Robert Greenberg, the founder and CEO.
Michael Greenberg, Co-founder and president. He oversaw the first store lease in 1995 and spearheaded the expansion into Asian markets. He also founded the Skechers Foundation and the annual Skechers Pier to Pier Friendship Walk, raising over $24 million for children with special needs and education.
Final Words
From its grunge origins to becoming an $8 billion global giant, Skechers has shown adaptability, innovation, and effective marketing. The company’s forward-looking strategies indicate continued expansion in the global footwear market for years.
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