Ugg Australia parent company Deckers Brands has initiated a review of a broad range of strategic alternatives, one of which includes a sale or other transaction.
Deckers has retained Moelis & Company LLC as its financial advisor and Wilson Sonsini Goodrich & Rosati as its legal counsel to assist in the review process.
In making the announcement, Deckers cautioned that there can be no assurance that the strategic review process will result in a transaction. Deckers has not set a timetable for completion of the review process, and it does not intend to comment further unless a specific transaction is approved by the Board of Directors, the review process is concluded or it is otherwise determined that further disclosure is appropriate or required by law.
“We have made significant progress in streamlining our cost structure, optimizing our retail store fleet, and realigning our brands, with the goal of improving profitability,” said Dave Powers, president and chief executive officer of Deckers. “The management team continues to remain focused on driving improvements in the business through our recently announced $150 million savings program. We are also continuing to explore additional margin enhancing opportunities and plan to further articulate more details on our upcoming year-end earnings call on May 25, 2017.”
The company’s portfolio of brands includes Ugg, Koolaburra by Ugg, Hoka One One, Teva and Sanuk. Deckers Brands products are sold in more than 50 countries and territories through select department and specialty stores, company-owned and operated retail stores, and select online stores, including company-owned websites.