Footwear News’ 80th anniversary coincided with one of the most active merger-and-acquisition years the shoe industry has seen, highlighted by record-breaking buyouts and strategic consolidations across retail, luxury, and performance footwear.

While private equity firms spent much of the year exiting mature investments, strategic buyers faced less competition — creating favorable conditions for major transactions. Below are the footwear deals of 2025 with disclosed or estimated values exceeding $100 million.

Skechers Goes Private in Record $9 Billion Deal

Shoe brand Skechers to be acquired, taken private in $9.4B deal | Daily Sabah

The largest footwear buyout in history came in May, when Skechers USA Inc. agreed to a $9 billion go-private deal with Brazilian private equity firm 3G Capital. The transaction closed in September, marking a milestone for the Fortune 500 company founded by Robert Greenberg and grown into a global powerhouse alongside his son, Michael Greenberg. The Greenberg family and management team will continue overseeing the business.

Nordstrom Taken Private for $6.25 Billion

Nordstrom, Macy’s deals could put private ownership back in vogue for US retailers | Nordstrom

In May, the Nordstrom family partnered with Mexican retailer El Puerto de Liverpool to take Nordstrom Inc. private in a $6.25 billion all-cash deal first announced in late 2024. The Nordstrom family retains a 50.1% controlling stake, while Liverpool holds 49.9%. Founded in 1901 as a shoe retailer, Nordstrom has since evolved into a multi-category department store with both full-line locations and Nordstrom Rack off-price stores.

Golden Goose Secures New Ownership

Golden Goose gets new majority owner as China’s HSG buys stake from Permira | Golden Goose

Luxury sneaker brand Golden Goose announced a change in ownership, with HSG (formerly Sequoia Capital China) becoming the majority stakeholder alongside minority investors Temasek and True Light Capital. Market sources value the deal at approximately €2.5 billion ($2.93 billion), with closing expected in summer 2026. CEO Silvio Campara remains in place, and former Gucci CEO Marco Bizzarri will become non-executive chairman.

Dick’s Sporting Goods Acquires Foot Locker

Dick’s Sporting Goods Opens 9 New House of Sport Locations | Store Brands

Dick’s Sporting Goods reshaped the athletic retail landscape with its $2.5 billion acquisition of Foot Locker, finalized in September. The deal unites the nation’s largest sporting goods retailer with one of its biggest athletic footwear chains, giving Dick’s control of more than 15% of the U.S. sporting goods market. Executives have acknowledged the need to restructure Foot Locker’s underperforming assets as part of the turnaround strategy.

Coats Group Buys OrthoLite for $770 Million

Coats Group plc | Coats

Coats Group plc acquired premium insole company OrthoLite Holdings LLC in October for $770 million. The deal strengthens Coats’ position as a tier-two footwear component supplier and includes OrthoLite’s sustainability-focused brand Cirql. Founder and CEO Glenn Barrett joined Coats following the acquisition.

Steve Madden Acquires Kurt Geiger

Steve Madden, Ltd

Steve Madden completed its $360 million acquisition of British footwear and accessories brand Kurt Geiger in May. The deal supports Madden’s long-term strategy to expand internationally, grow accessories, and strengthen its direct-to-consumer business.

Big 5 Sporting Goods Goes Private

Real Estate | Big 5 Sporting Goods

Big 5 Sporting Goods was taken private in a $112.7 million all-cash deal by Worldwide Gold and Capitol Hill in September. The retailer operates more than 400 stores across the Western U.S., offering athletic footwear, apparel, and accessories.

Caleres Acquires Stuart Weitzman

Caleres Inc Caleres Famous Footwear Vionic Caleres Sales

Kicking off the year’s deal activity, Caleres Inc. acquired luxury footwear brand Stuart Weitzman from Tapestry for $105 million. The acquisition positions Weitzman as Caleres’ lead brand, with efforts underway to streamline inventory and stabilize its China business ahead of a projected return to profitability.