NEW YORK, May 5 (Xinhua) -- The California-headquartered multinational footwear and apparel company Skechers is being acquired for 9 billion U.S. dollars and taken private by the investment firm 3G Capital.

The board of Skechers unanimously approved the deal, the companies said on Monday.

Skechers, founded in 1992 and now the third largest footwear brand in the United States, reported a record 9 billion dollars in revenue in 2024 with net earnings of 640 million dollars.

In a press release announcing the deal on Monday, the companies did not mention the potential impacts of U.S. President Donald Trump's tariffs on its business going forward.

China accounts for 15 percent of Skecher's revenue, according to the data firm FactSet. About 97 percent of the clothes and shoes purchased in the United States are imported, predominantly from Asia, according to the American Apparel & Footwear Association.

"Using factories overseas has kept labor costs down for U.S. companies, but neither they nor their overseas suppliers are likely to absorb price increases due to new tariffs," said The Associated Press in its report about the development.