Stock in Skechers, the shoemaker that made sub sandwich-sized sneakers before frumpiness was fashionable, rose more than 6% at the end of last week — part of a 37% stock rally in a year.
Chunky became chic
In the past few years, “dad-core” style has become fashionable, with the trend hitting full, ummm, stride this past year when the high fashion hotshot Balenciaga started selling sneakers that could have come right out your Uncle Jerry’s gym locker at the YMCA… for $975.
But the trend of chunky dad sneakers didn’t only impact fashion companies — it also trickled down to budget shoe sellers, including Skechers.
Now, Skechers is stepping on the toes of high fashion
As high fashion companies walked a mile in a pair of surprisingly unsexy shoes, Skechers also doubled down on its comfortable kicks by expanding its line of “sport leisure footwear.”
So far, the shoe fits for Skechers: Sales of comfy kicks helped pushed the company’s 4th-quarter sales to a second-highest mark of $1.33B — a 23.1% increase.