Sketchers Corporate Analysis

By: Adam Richard

For: William Clements

Assignment Two

ENMN: 331
Global Economic Business

Royal Roads University

Victoria, British Columbia, Canada

June 26th, 2022

Word Count: 2240
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 Comfort and Bounce in every step!
Sketchers Corporate Analysis

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 Table of Contents

Introduction.................................................................................................................................................................................. 4
Sketchers History........................................................................................................................................................................... 4
Sketchers Business Operations....................................................................................................................................................... 5
(Yuheng, 2022).............................................................................................................................................................................. 5
Evolution of Success...................................................................................................................................................................... 6
Strategy & Execution..................................................................................................................................................................... 6
Value Chain................................................................................................................................................................................... 7
Globalization strategy................................................................................................................................................................... 7
Market entry................................................................................................................................................................................. 8
Joint-Ventures.............................................................................................................................................................................................8
Subsidiaries:................................................................................................................................................................................................9
PROS............................................................................................................................................................................................................9
Multiple distribution centers......................................................................................................................................................................9
Ecommerce..................................................................................................................................................................................................9
Marketing................................................................................................................................................................................... 10
Price...........................................................................................................................................................................................................10
Distribution...............................................................................................................................................................................................10
Promotion.................................................................................................................................................................................................11
Sketchers Success........................................................................................................................................................................ 11
Challenges and Failures............................................................................................................................................................... 11
Recommendations, Summary & Conclusions................................................................................................................................ 12
References.................................................................................................................................................................................. 13
Appendix-A Regional Sales.......................................................................................................................................................... 18
Appendix-B Gross Profit & Revenues............................................................................................................................................ 19
Appendix-C Porters Value Chain................................................................................................................................................... 20
Appendix-D Brand Rating............................................................................................................................................................ 21
Appendix-E Globalization Strategy............................................................................................................................................... 22
Appendix-F Company Growth...................................................................................................................................................... 23
Appendix-G Net Sales by Segment............................................................................................................................................... 24
Appendix-H Sketchers Worldwide................................................................................................................................................ 25

Introduction

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 This paper will serve as a complete corporate analysis of Sketchers USA inc, a shoe and lifestyle apparel

brand. The paper will include a complete analysis of the evolution of Sketchers, including markets and lines of

business—a foundational study of the corporate strategy, including primary competition and value creation, and

an organizational breakdown of strategies Sketchers employs when entering new markets. Additionally, we will

dissect the domestic and international successes and failures and the influence the marketing strategy has played

in supporting Sketcher's corporate vision.

Sketchers History
In 1992 Robert Greenberg, co-founder, and former CEO of LA Gear, launched Sketchers USA inc.

Sketchers emerged on the promise to provide reasonably priced footwear that is comfortable, stylish,

innovative, and top-quality. An initial business model focused on designing, marketing, and distributing

loggers’ boots (Wikipedia contributors, 2022), capitalizing on the grunge scene, and acting as a distribution

outlet for Dr. Martens shoes. However, within a year, Greenberg recognized an underserved market appealing

to young and hip consumers searching for casual street shoes. 1993 saw Sketchers achieve its first success with

the breakout success of the "Chrome Dome" shoe, an androgynous, pre-scuffed model that was picked up by

major chains such as Nordstrom (Reference for business, n.d., Para.7). The success and appetite from

consumers for this shoe soon positioned Sketchers to challenge athletic wear giants such as Nike and Reebok.

Sketchers' strategic trajectory and expansion have seen the addition of contemporary casual, active, rugged, and

lifestyle footwear for men, women, and children and has helped evolve Sketchers into the third largest sports

shoe brand globally and domestically (United States) by revenue (Yuheng, 2022)

Sketchers Business Operations

(Yuheng, 2022)

As highlighted in (Appendix-A), Sketchers operates its business through two methods: 

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  Wholesale - Sales done through third-party retailers.

and 

 Direct-To-Consumer (DTC) - sales directly to consumers through Skechers' brick-and-mortar stores or

e-commerce platforms.

Expanding further, Sketchers operates three specific business segments:

 Domestic wholesale, accounting for 23% of company sales.

 International wholesale, accounting for 48% of company sales.

 Retail or direct to the customer, accounting for 29% of company sales.

With operations split into three geographical regions. 

 Americas accounting for 50% of sales in 2021

 Europe, Middle East, Africa (EMEA) accounting for 20% of sales in 2021.

 Asia Pacific (with China sales also disclosed separately) accounting for 30% of sales in 2021.

Evolution of Success
According to Zippia (2021), the initial success gained through the "Chrome dome" armed Sketchers with

the ability to catapult themselves onto the world stage. In 1995, Sketchers signed several agreements with

manufacturers to produce Sketcher wear, casual clothing for boys and men. 1997, Sketchers went global, taking

their products overseas to Eastern Europe and Southeast Asia. By 1998 these markets accounted for 15% of

Sketcher's revenues and included 2,200 accounts worldwide and 20 brand stores. 1998 also helped project

Sketchers as a significant competitor of Nike and Reebok. The new millennium saw Sketchers making

substantial quarterly earnings, leading to it being awarded “Company of the year" by footwear news, building

on the idea of "strategy, focus and growth," Sketchers opened flagship stores in London, Dusseldorf, and

Tokyo. From here, Sketchers continued to show growth, hitting a billion in annual revenues in 2005

(Businesswire, 2017,Para.9), establishing subsidiaries in Latin America in 2007, and in 2008 began developing

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and expanding its global E-commerce footprint (Sketchers, 2019, Pg 7). The last three years (Appendix-B) have

seen continued growth in revenues, gross profit, and Y-O-Y quarterly growth. A downturn in 2020 due to

pandemic-related logistical problems, specifically port congestion, access to containers and last-mile delivery.

However, despite these barriers, Sketchers still hit a new yearly milestone with 6.29 billion in sales in 2021

(Business Wire, 2022).

Strategy & Execution

Sketcher prides itself on offering a cost-effective alternative to premium footwear brands while offering

style and modern design elements. This business vision means that Sketchers provides a vast array of styles and

selections, resulting in Sketchers not competing with any one specific company but instead competing with a

multitude of companies and the products in their respective categories. Because shoe and apparel manufacturers

are ultra-competitive, competition basis is a result of price, style, quality, comfort, and brand name prestige.

These metrics result in Sketchers encountering competition with Nike, Adidas, Reebok and Under Armor on the

athletic division of the company, and Columbia Sportswear, Nike, Decker's Outdoor Corporation, on the casual

and utility side (University of South Florida, 2016).

Value Chain
To understand Sketchers value chain, we look to the key competencies outlined in Porter’s value chain

model (Appendix-C) to understand Sketchers Global strategy. Sketcher's undertakings revolve wholly around

their business strategy to provide cost-effective, multi-usage footwear that competes with premium brands. The

mutually beneficial relationships with suppliers, who saw an increase in sales by 21.68% year-on-year in Q1 of

2022 (CSI Market, 2022), a testament to the superior inbound logistics. The significant expansion of Skechers'

corporate headquarters, which will double the Company's office and showroom space, speaks to the

commitment to operations (Sketchers, 2019b). The evolution of E-commerce capabilities, distribution centers,

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joint ventures and franchise operations highlight outbound logistics and is representative of both a multi-

domestic and international strategy. An aggressive and mixed marketing strategy has seen Sketchers become

wildly successful, increase Y-O-Y revenues, and secure a brand rating (Appendix-D) that consistently scores

with some of the highest marks. These tenets support a multi-faceted firm approach, allowing them to expand

their procurement capabilities and evolve their technology.

Globalization strategy
Becoming a leading source of contemporary casual and active footwear through controlled, well-

managed growth means that Sketcher's primary goal is to ensure the longevity of the Sketchers brand. Sketchers

has adopted a multi-domestic strategy, which also contains tenets of both transnational and global strategies.

The ability to offer cheap and stylish shoes stands as the primary objective of Sketchers, with little changes or

alterations to the product regardless of the market. They retain headquarters in the United States but still expand

distribution centers (Appendix-H) strategically throughout their zones to avoid logistical headaches. Equally,

they have thoroughly expanded their E-commerce capabilities, and have entered selected joint-ventures. The

growth of Sketchers has been calculated, targeted, and systematic, with a focus on staying true to the brand.

This methodical approach to expansion also allows the company to gain revenues it can sink back into the

brand. Sketchers is wholly committed to the brand's evolution and focuses less on the retail side of the business,

instead relying on franchisees, while simultaneously developing wholly owned subsidiaries. This multi-faceted

approach to entering a foreign market ensures Sketchers retains complete creative control and retention of the

brand while at the same time achieving maximum market exposure for minimal costs. While this form of

strategy is the most widely implemented strategy it can be costly on the front end, as building warehouse and

implementing subsidiaries is costly.

Market entry

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 The incredible growth Sketchers has experienced in the past five years is a testament to its international

entry into foreign markets. The strategic focus on comfort and quality at a reasonable price point is perceived as

good value retention compared to competitors. Sketchers incorporate several strategies when entering new

markets. 

Joint-Ventures 
(NI Business Info, n.d.)

PROS:

  Increase capacity and give it access to new markets and distribution avenues. 

 Share risk and burden while alleviating costs. 

 Enable growth without additional investors needed.

 Access to more significant resources, knowledge, and local expertise. 

 Partnership in resources, purchasing, and research and development. 

CONS: 

 Differences in opinion and strategies 

 Investment and expertise are not equal.

 Workload and resources may not be distributed equally.

Subsidiaries:
(Hue, 2022)
PROS 
 Additional tax benefits.

 Risk reduction.

 Increased diversity and efficiency. 

CONS 

 Limited control over operations or decisions 

 Legal costs 

Multiple distribution centers 

(Works, 2020)
PROS 

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  Complete control of all dealings. 

 Lowered costs and savings. 

 Saturation of numerous markets.

 Inventory is strategically placed, allowing to meet the demand of the entire global market with potential

backup. 

CONS 

 The added strain of meeting supply demands. 

 An abundance of inventory is also a negative as stock is sitting and aging. 

Ecommerce 
(Ferreira, 2022)
PROS

 Low financial cost.

 24/7 Potential earning income.

 International sales, better market exposure.

 Lower overhead. 

CONS

 Limited by technology, system failures.

 A potential high number of returns and spoilage. 

 Customer satisfaction. 

 Higher costs from shipping single product as opposed to large shipments

Sketchers independently contract its manufacturers, allowing them to remain flexible while keeping capital

investments low (Sketchers, 2021). It maintains several strategic partnerships with select suppliers and has

concept stores strategically placed throughout its markets (Soni, 2019).

Developing a multi-faceted strategic framework that incorporates multiple entrances and partnership

(Appendix-G) strategies gives Sketchers the best chance at market exposure and potential profitability and

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earnings. A strategy based on providing all the qualities of top shoemakers at a fraction of cost means Sketchers

is a first mover. A plan designed to set itself apart from most of its competitors gives it a strategic advantage. 

Marketing
Known for its innovation and aggressive marketing tactics (Selke, 2019), Sketcher's marketing

philosophy is "Unseen. Untold. Unsold." (encyclopedia.com, n.d.) and is built on the recognition that footwear

needs to be both comfortable and reliable in many different scenarios, their marketing strategy has always

focused expressing their production of a viable shoe for various occasions (Valades, 2022). Secondary

competitive positioning has focused on maintaining a good relationship between quality and price, offering the

same measure of comfort across the entire brand, and reaching the female consumer segment by creating shoes

that address athletics and daily activities and moving away from fashion (Valades, 2022). These competitive

strategies draw support from a unique but highly efficient marketing mix of several categories.

Price 
 A pricing strategy that focuses on offering competitive priced products evaluating its products' value to

meet its target audience's needs.

Distribution 
 They developed two distribution scenarios, offering products to customers directly using their website or

through physical stores and wholesalers who distribute the products to retailers.

Promotion 
 Maintaining a solid presence on social media such as Twitter, YouTube, and Facebook as its primary

communication channel. Developing a successful endorsement strategy including Carrie Underwood,

Christina Aguilera, Sugar Ray Leonard, and Wayne Gretzky has helped drive tremendous revenue

growth. 

The result for Sketchers has been creating a desired brand that competes on every primary metric/ sector in

the shoe/ apparel industry while still setting itself apart from major competitors. 

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 Sketchers Success
Sketcher's multi-faceted and highly adaptable business model has seen sketchers become a wildly successful

brand (Appendix F) in a relatively short time frame, making it one of the fastest growing shoe brands in the

world. Nike achieved roughly 5.2 billion in sales in its 30th year (Pratap, 2022); Sketchers, by comparison, hit

this mark in its 16th year or half the time (Appendix F). Underscoring the success of Sketcher's business

strategies.Furthermore, consistent sales increase in all four sectors (Appendix-G) of Sketcher’s concentrations

continue to see growth, minus the covid downturn. However, this downturn was followed up with a sales record

(Businesswire, 2017) the following year suggesting Sketchers will return on its previous trend for the

foreseeable future.

Challenges and Failures

The biggest failure that Sketchers is charged with relates to its investment in toning footwear, which

promised to exercise the muscles in the legs and back, providing a range of benefits. However, these shoes were

a colossal failure, eventually costing Sketchers $40 million (Federal Trade Commission, 2018) to settle FTC

charges for false advertising in ads promoting the shoes. This failure by Sketchers highlights the risks

associated with trends or fads. While this shoe inevitably helped Sketcher implement a lean business strategy

(Boudway, 2015), it also represented Sketcher's shift away from the business model that enabled them to

achieve success, simple, cost-effective shoes. While exploring new and potentially lucrative footwear

technology must always be at the forefront of profitable businesses, it must not sacrifice the fundamental goals

and business ideas that have proved successful. Equally problematic a weakness that exists is their reliance on

contract manufacturers (Soni, 2019). This leaves them liable and could open them to future lawsuits and legal

hurdles.

The biggest challenges facing Sketchers today and for the foreseeable future come from supply chain

disruptions(Sourcing Journal, 2022). With multiple distribution warehouses already placed strategically

throughout the Sketchers market, increasing stockpiles to prevent backlogs and anticipate shipping, supplier,

and manufacturing delays. While predicting the Covid-10 pandemic was impossible, having an excess stock of
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products could have eased the strain felt throughout the pandemic. Equally, expanding relationships with

suppliers gives them more extensive access to suppliers to counter potential delays.

Recommendations, Summary & Conclusions

While it's undeniable that Sketchers has achieved and continues to maintain growth in all avenues of its

business strategy, incremental and minimal changes can drive Sketchers to achieve even better results. 

1. Improving customer relations department: Sketchers continues to be plagued by negative reviews.

By addressing customers' concerns, Sketchers builds better brand awareness and develops an emotional

connection and brand affinity with customers (Trustpilot, 2022).

2. Develop more strategic partnerships with manufacturers and suppliers: Building a more extensive

portfolio of suppliers and manufacturers allows them to mitigate the risks associated with potential

supply chain disruptions. 

3. An increased price strategy: Sketcher's primary business strategy has always been a shoe at a cheaper

price point. However, as the shoe sector continues to grow and inflation continues to rise, a valid

response would be to increase shoe prices. While this may lead to negative customer affinity, it also

serves as an opportunity to build a loyal clientele base to their brand, not prices. This will lead to

increased revenues and business expansion. 

4. Contract manufacturers: A reliance on contract manufacturers can potentially leave Sketchers

exposed to production and supply chain disruptions. While this saves Sketchers money in the

manufacturing process, as the company progresses, it would be advisable to open company

manufacturing centers strategically placed to mitigate and control potential hurdles in the production and

supply sectors of the business. 

5. Further, Develop Ecommerce: Ecommerce still represents a minor portion of Sketchers revenues

(Appendix-G). A more balanced approach to achieving market saturation should lean on E-commerce. It

can lower costs, improve customer experience, and expand the reach.
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17
 Appendix-A Regional Sales

Sketcher Regional Sales 2021 %

30%

Americas
Europe, Middle East, Africa
Asia Pacific
50%

20%

(Yuheng, 2022)

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 Appendix-B Gross Profit & Revenues

Gross Profit

Revenue

(Macrotrends, n.d.)

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 Appendix-C Porters Value Chain

(Eby, n.d.)

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 Appendix-D Brand Rating

(Andersen, 2021)

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 Appendix-E Globalization Strategy

Key features of the transnational strategy

 Combination of global and multi-domestic strategies
 Allows the establishment of full-scale operations in foreign markets
 Companies have separate marketing, research, and development departments to respond to local
customers
 Product or service is the same for different markets.
(Yourtarget, 2020)

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 Appendix-F Company Growth

(Alpha, 2021)

(Finbox, n.d.)

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 Appendix-G Net Sales by Segment

(Statista, 2021)

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 Appendix-H Sketchers Worldwide

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