News’ 80th anniversary in 2025 saw a host of deal activity in the shoe space, including the biggest footwear buyout in the industry’s history.
While a few financial buyers were looking around for a deal, many were more focused on selling stakes in portfolio companies that hit the end of their holding periods. That meant that with private equity firms’ attention focused elsewhere, strategic buyers had less competition for the shoe firms that came up for sale in 2025.
These are the shoe deals with a known or estimated value at more than $100 million.
Skechers Inks Deal With 3G Capital
The biggest shoe buyout in history was the $9 billion go-private deal Skechers USA Inc. inked with Brazilian private equity firm 3G Capital.
Announced in May, the Fortune 500 company and the largest footwear company in the world completed its transaction with 3G in September. The blockbuster move is considered a reflection of the business prowess of Robert and Michael Greenberg, the father-son duo who took the company from a family start-up to a global powerhouse during the past three decades.
The good news for Skechers fans is that the Greenberg family and its management team will continue to have oversight of the business. Separately, Michael Greenberg was inducted into the Footwear News Hall of Fame at the 2025 FNAAs at Cipriani 25 Broadway on Dec. 3.
Nordstrom Inc. Taken Private
Department store retailer Nordstrom Inc. was taken private by the Nordstrom family and Mexican retailer El Puerto de Liverpool in May in a $6.25 billion, all-cash deal that was first disclosed in December 2024.
The Nordstrom family — brothers Erik and Pete Nordstrom, co-chief executive officers, and their cousin Jamie, chief merchandising officer, remain on the management team — retains a controlling 50.1 percent stake in the retailer, with Liverpool holding a 49.9 percent stake.
The department store retailer was founded in 1901 by John W. Nordstrom and Carl F. Wallin as a small shoe retailer under the name Wallin & Nordstrom. By 1960, the retailer operated eight stores in Washington and Oregon and was at the time the largest independent shoe retailer in the country. The retailer added women’s apparel in 1963, followed by men’s and children’s apparel three years later. In addition to full-line stores, the retailer also operates its off-price banner Nordstrom Rack.
Golden Goose Gets New Owners
Luxury brand Golden Goose also will have new owners — HSG, formerly known as Sequoia Capital China, as majority stakeholder and Temasek and True Light Capital as minority investors — as it looks to accelerate its next phase of global expansion. The transaction is not expected to close until summer 2026. Also staying on as minority investors are funds advised by Permira, as well as other existing shareholders including Carlyle. While financial terms were not disclosed, market sources peg the acquisition at 2.5 billion euros, or $2.93 billion.
Continuing in his role as CEO is Silvio Campara, while non-executive director Marco Bizzarri will become non-executive chairman after the deal closes. The brand was expected to go public in June 2024, but withdrew due to European market volatility. It still could do an initial public offering down the road.
The brand was founded by Venetian designers, including creative director Alessandro Gallo who remains a minority investor.
Dick’s Sporting Goods Acquires Rival Foot Locker
Just days after Skechers disclosed its agreement with 3G, Dick’s Sporting Goods Inc. shook up the athletic landscape saying that it was acquiring its rival Foot Locker for $2.5 billion.
Dick’s closed on its deal in September. The transaction combines the U.S.’s largest sporting goods retailer with one of the largest athletic shoe retailers in the country, giving Dick’s control of more than 15 percent of the U.S. sporting goods markets and possibly creating a duopoly with J.D. Sports, the current largest athletic footwear retailer.
But Dick’s also has a lot of work ahead as it works on turning around the troubled specialty chain. In November, when the retailer posted third-quarter results, Dick’s executive chairman Edward Stack told investors that “Foot Locker strayed from Retail 101 and did not execute the fundamentals.” He also said his team’s first priority is to “clean out the garage of underperforming assets.”
Some on Wall Street see the acquisition as a “positive development for Nike,” which already has strong partnerships with both retailers and the Swoosh continues to execute its turnaround strategy.
Coats Buys OrthoLite
Premium insole brand OrthoLite Holdings LLC was acquired by Coats Group plc in a $770 million transaction that closed in October.
The transaction puts Coats in an expanded position as a tier two supplier of shoe components. The deal also included OrthoLite and Cirql. OrthoLite is the premium insole brand that has strong tailwinds for growth. Cirql targets the midsold market, and is still in the early stages of commercial development. The brand’s founder and CEO Glenn Barrett joined Coats following the deal’s closing.
OrthoLite in November said it expanded into Vietnam as part of its local-for-local production working with nearby partners. And just earlier this month, the brand hired shoe sourcing and production veteran Marco Grott to head up its Indonesia operations.
Steve Madden Ltd. Bought Kurt Geiger
Steve Madden said in February that it planned to acquire the British footwear and accessories brand Kurt Geiger in February for $360 million. By May, the transaction was a done deal, and its one that is expected to be transformative for the American shoe brand.
Madden chairman and CEO Edward Rosenfeld described the deal as a “complementary addition” for his firm, which has been eyeing strategic initiatives that include expanding in international markets, accessories categories and direct-to-consumer channels.
Big 5 Went Private
Worldwide Gold and Capitol Hill took Big 5 Sporting Goods private in an all-cash deal valued at $112.7 million in September. The sporting goods retailer disclosed the planned transaction in June.
Big 5 operates 410 stores under the Big 5 Sporting Goods banner in the Western U.S. The full-line big-box stores average 12,000 square feet, with a product mix that includes athletic shoes, apparel and accessories.
Caleres Buys Stuart Weitzman
Mergers and acquisitions activity started in January with the announcement that Caleres Inc. was buying luxury footwear brand Stuart Weitzman from Tapestry for a steal of a deal at $105 million. Tapestry had acquired the brand from private equity firm Sycamore Partners in 2015 for $575 million.
Market sources said Caleres president and CEO Jay Schmidt always had his eye on the Weitzman brand, but lost to Sycamore the last time the luxury shoe firm came up for sale. And with the Weitzman brand now in Caleres’ portfolio, it will become the lead brand for the company.
Caleres completed the deal in August. But first Caleres will need to clear out old inventory and stabilize the luxury brand’s China business, meaning it could reach breakeven in 2026 with profitability thereafter.
