Skechers sued Adidas in federal court this week claiming unfair competition after the brand sent hundreds of thousands of dollars in secret payments to high school and college athletes in return for them wearing Adidas.
United Legwear & Apparel Co., LLC, the NY-based manufacturer and distributor of licensed apparel and accessories for brands such as Puma, Champion, and Skechers, has launched a private brand called Fun Socks.
U.S. footwear firm Skechers Inc. saw double-digit sales growth in the first quarter of 2018. However, a softer current-quarter sales guidance saw shares tumble late Thursday afternoon, after a stellar 2017 stock.
The US athletic footwear sector grew by 2 per cent last year, generating $19.6 billion in sales, according to The NPD Group. Unit sales grew by 2 per cent and average selling price remained flat, at $58.16.
Adidas has agreed to an out-of-court settlement in a recent trademark case arising from the brands' long-term disputes concerning Adidas' allegations that Forever21 is wrongfully using the registered "three stripe" mark.
The former Mattel and Walt Disney Company executive will assume the role of Skechers CFO in the next few weeks. He succeeds David Weinberg, who has served as Skechers CFO since 1993, and currently serves as COO.
Deckers Brands Board of Directors revealed the turmoil the brand is currently going through in a letter it sent to its shareholders urging them to retain the current Board and not replace them with hedge fund nominees.