When it comes to shoes, Skechers have been an iconic brand since the 90s. People around the world have been wearing them for years and many have been wondering: what happened to Skechers? In this article, we will explore the history of Skechers, and answer the question of what happened to the beloved shoe company. From its humble beginnings as a family-run business to its current state as a multi-billion dollar global fashion empire, Skechers has come a long way. We will also look at how Skechers has evolved to stay relevant in the ever-changing footwear industry. Finally, we’ll examine what the future holds for Skechers and why the brand is still so popular today.
What Impacted the Growth of Skechers?
Skechers is a global leader in lifestyle and performance footwear, apparel, and accessories. Established in 1992, the company has grown to become one of the most recognizable footwear brands in the world, with a presence in more than 170 countries and territories. However, despite its success, Skechers has had to contend with various challenges in recent years, including a drop in sales, a weak stock price, and a lawsuit from the U.S. Federal Trade Commission. In this article, we’ll explore what happened to Skechers and the key factors that have impacted the company’s growth.
Competition from Other Brands
One of the primary challenges Skechers has faced in recent years is competition from other footwear brands. With the rise of athleisure and the popularity of sneakers, Skechers has found itself competing with other big players in the market such as Nike, Adidas, and Reebok. As a result, it has had to fight for market share in a highly competitive environment.
In addition, Skechers has had to contend with the emergence of new and innovative footwear brands. Companies such as Allbirds, Rothy’s, and Greats have made a dent in the market by offering unique and fashionable styles that appeal to younger consumers. As a result, Skechers has had to shift its focus to product innovation in order to stay competitive.
Stock Performance and Legal Troubles
Skechers’ stock has suffered in recent years, with the company’s share price dropping from a peak of $50 in 2018 to a low of $20 in 2020. This has been the result of various factors, including a weak performance in the U.S. market and the impact of the COVID-19 pandemic.
The company has also had to contend with legal troubles, including a lawsuit from the U.S. Federal Trade Commission (FTC) alleging that Skechers had misled consumers about the health benefits of its toning shoes. While Skechers ultimately reached a settlement with the FTC, the case further impacted the company’s stock price.
Product Innovation and Expansion
In order to combat the various challenges it has faced in recent years, Skechers has focused on product innovation and expansion. The company has launched new product lines such as Skechers Go Walk, a walking shoe designed for maximum comfort, and Skechers Street, a fashion-forward line of sneakers.
In addition, Skechers has expanded its presence in international markets, particularly in Asia, where it has opened stores in China and India. This has allowed the company to tap into new markets and increase its global footprint.
Marketing and Branding
Skechers has also focused on marketing and branding in order to drive sales and build brand awareness. The company has signed on high-profile celebrities such as Demi Lovato and Camila Cabello to be the face of its campaigns, and it has also launched digital marketing initiatives to engage with potential customers.
In addition, Skechers has sought to differentiate itself from its competitors by focusing on sustainability and charitable giving. The company has launched initiatives such as the Skechers GoWalk Recycling Program and the Skechers Foundation, which provides financial support to children in need.
Outlook for Skechers
While Skechers has faced various challenges in recent years, the company has made strides in product innovation, expansion, marketing, and branding. As a result, the company is well-positioned for future growth. With its focus on sustainability and charitable giving, Skechers is likely to remain a leader in the footwear industry for many years to come.
Few Frequently Asked Questions
What is Skechers?
Skechers is an American lifestyle and performance footwear brand founded in 1992 by Robert Greenberg. They specialize in a variety of footwear categories, including athletic, casual, dress, and work shoes, as well as sandals, boots, and sneakers. Skechers also produces apparel and accessories. Skechers is one of the world’s largest footwear companies, with products sold in over 170 countries around the world.
What happened to Skechers?
In 2020, Skechers was forced to close stores due to the coronavirus pandemic. The company reported an 18% decline in sales compared to the same period in 2019, and had to lay off around 800 employees as a result. In addition, Skechers’ supply chain was affected by global shipping delays, which further hindered the company’s ability to meet customer demand.
Why did Skechers experience a decline in sales?
Skechers experienced a decline in sales due to the coronavirus pandemic. As people stayed home and practiced social distancing, they had less need for shoes and apparel. This resulted in a significant decrease in demand for Skechers’ products, and ultimately a decline in sales.
How has Skechers adjusted its business model?
In order to adapt to the changing environment, Skechers has shifted its focus to e-commerce. The company has invested heavily in its online presence, including the Skechers website, mobile app, and social media pages. Additionally, Skechers has launched several new initiatives to drive online sales, such as free shipping and returns, digital gift cards, and virtual styling sessions.
What changes has Skechers made to its product line?
In response to the pandemic, Skechers has made several changes to its product line. The company has released new “athleisure” styles, which are designed to be more comfortable and ideal for home use. Skechers has also expanded its range of lightweight and breathable shoes, as well as technology-infused shoes with features such as memory foam and shock-absorbing soles.
What is Skechers’ outlook for the future?
Skechers is optimistic about the future. The company has seen a surge in online sales and believes that the pandemic has accelerated the shift towards digital commerce. Skechers also believes that its new product lines and initiatives will be successful, and is planning to expand its global presence and continue to innovate.
In conclusion, Skechers has had a long and successful history of providing quality footwear to people everywhere. Over the years, the company has weathered many changes in the market, but it has continued to remain a leader in the industry. As the company continues to expand and evolve, it is likely that Skechers will remain a popular choice for those looking for comfortable, stylish, and affordable shoes.
