COMPANY ANALYSIS

DECKERS BRANDS

EMMA VAN VEEN

 INTRODUCTION
Deckers Outdoor Corporation is headquartered in Goleta, CA and is engaged in designing, marketing and distribution of foot-
wear, apparel and accessories developed for both everyday casual lifestyle use and high-performance activities and operates
in the footwear wholesaling industry. The footwear wholesaling industry is highly competitive and fragmented due to low
barriers of entry. Deckers is operating in the active footwear segment and dealing with competitors as NIKE, Adidas, Wolveri-
ne, and Sketchers. Their biggest competitor is NIKE, which claimed a big market share of the active footwear industry the past
few years.

With its five brands (UGG Australia, Teva, Sanuk, Hoka One One and Ahnu), Deckers has appropriated an impressive market
share of the footwear wholesaling industry. While the company has five brands, they market there products under three pro-
prietary brands; UGG Australia; the most iconic one and stands for 80% of there revenue, Teva; the active lifestyle brand and
Sanuk; a fun lifestyle footwear brand of a surf culture. Brands they primarily sell to large high-end retailers as Nordstrom and
also directly to consumers through its rapidly expanding network of company-owned retail concept stores. Deckers focuses
itself on young cozy family people who in shoes look for comfort with still a cool design.

Deckers primarily operates within the US, where most of their revenue is made, but through an improved Omni-channel and
shift towards higher margin business segments like retail and e-commerce Deckers international revenues are growing faster
than those of the US and has great potential in continuing this success in the future. In this report I will put the focus on the
international side of the business of Deckers main three brands UGG, Teva, and Sanuk, while it has great potential for further
growth and through this company analysis find out if they are using the right strategic tools to make this global growth hap-
pen.

CONTENT
o INTRODUCTIE page. 2

o CONTENT page. 2

o INTERNAL ANALYSIS page.3/4

o FINANCIAL ANALYSIS page.5

o EXTERNAL ANALYSIS page.6/7

o SOCIAL ECONOMIC ANALYSIS page.8/9

o SWOT ANALYSIS page.9

o SOURCES page.10/11

2
 INTERNAL ANALYSIS
To get a good reflection on how the company is doing, Ill start with an internal research based on the 7 McKinsey model;
what is their strategy, structure, system, skills, values, staff, and style of the company. While the company is doing very good
in the US, they want their international impact to grow, which has great future potential. To see how theyre operating to-
wards this goal, here will be my focus point.

STRATEGY (1-5)

Deckers primary objective is to build their footwear lines into global lifestyle brands with market leadership positions. They seek
to differentiate their brands and products by offering diverse lines that emphasize authenticity, functionality, quality and pro-
ducts tailored to a variety of activities, seasons, and demographic groups. Through working with in-house designers as well as
through the acquisition of new brands, there managing a continues grow of its portfolio of styles and designs. Deckers utilizes its
operating leverage, outsources manufacturing, design core competencies and trademarks to maintain its competitive advantage
and maintains to take market share from its larger industry competitors.
To continue future success they will outpace industry growth through an improved Omni-channel, shift towards higher margin
business segments like retail and e-commerce and capitalize on untapped international opportunities. As part of their growth
strategies, they seek to enhance the positioning of brands, extend their brands into complementary product categories and mar-
kets, partner with or acquire compatible and strategic companies or brands, expand geographically, increase their retail presen-
ce, and improve their operational performance.

STRUCTURE (2,5,6-8)

Deckers honors itself for being an unconventional company to work for that provides the opportunity to learn and grow in the
company. Sound all good and nice but when going through reviews and vacancies its less colored. While Deckers is an Ameri-
can based company, its very normal that the structure of the firm is more autocratic while saying theyre democratic. Not bad
while its a very big company and decisions making needs to be in a short period of time, but to ensure that everyone makes the
best decisions, towards the companies cultures and values, good communication and discussions are needed between different
groups. The management of the company is divided into six reportable segments; UGG, Sanuk, Teva and other brands wholes-
ale division, the E-Commerce business, and the retail store business wherefrom they all report information towards the Chief
Operating Decision Maker (CODM), who is the principal executive officer. The wholesale operations of each brand are managed
separately because each requires different marketing, research and development, design, sourcing, and sales strategies. The
E-commerce and retail store segments are managed separately because they are Direct-to-Consumer sales while the brand
segments are wholesale sales. While the segments are working separately, and decisions only go through the principal executive
officer its really hard to learn from each others mistakes. Working with a system like this, its really important that there is good
communication, which reading from reviews is not going so smooth.

SKILLS (5, 11-13)

Deckers has been able to build an impressive diverse portfolio of popular recognizable brand names. Their main USP is customer
service; while turning brands into lifestyle leaders the main focus is on the experience around the products. Deckers is al about
quality. They offer long lasting products that are not only nice looking but functional. They connect with the consumer through
reasons that they may have for you for example functional benefits, let them experience the products and soon build a long-term
relationship with their customers because they value what the company is bringing in their life. In line with their operations at a
team level, there are skill gaps in their communication from the corporate management team towards the stores. While being a
brand that puts the main focus on the experience around their products and brand, its really important to have staff thats well
informed about the companys aims so he or she can act towards them, which is missing a bit.
Deckers main competitive advantage is that it has well utilized its trademarks on almost all of its products and ensured that they
wont expire soon, or all at once. Deckers takes advantage of the outsourcing manufacturing, its operating leverage, trademarks
and core design competencies. Further are they consistently growing their portfolio of styles and designs through collaborations
with in-house designers, and makes them maintain their competitive advantage.

3
 SYSTEMS (5, 9-11)

Deckers team performs by a combination of internal design and development staff and outside freelance designers design all
the products in house. Through working together with development staff, the cost of raw materials will be checked through the
whole design process to keep costs under control while designing cool new apparel. Once the designers and developers agreed
over the final designs, the company will contact independent manufacturers located primarily in Asia for the manufacturing of
its products. To monitor the production from beginning to end Deckers has entrenched on- site supervisory offices nearby. They
maintain no long-term contracts with its manufacturers. To ensure quality products, Deckers only does business with manufac-
turers that use raw materials and are sources from pre-approved suppliers through the Deckers buying office itself. Even though
Deckers outsources the manufacturing of products, are they still effective in keeping and eye on the supply chain from beginning
to end. Which is very important while theyre saving a lot of costs on capital investments.

After products are made, the company depends on its internal marketing and sales teams to make decisions in wholesaling
the products to global and domestic retailers or put it on stock in its own retail stores located in the US, EMEA, and Asia. As a
wholesaler, Deckers dominant source of profit comes from selling its footwear and apparel to department stores and other
retailers globally. Although wholesale revenues are still growing, they are step by step becoming a lower part of the total sales
growth through the increasing growth of revenue in the e-commerce and retail segments. A big amount of sales is generated
from Deckers own retail stores. Already ten years ago Deckers began forward vertically integrating into the retail segment in what
the company calls an Omni-Channel strategy. With this Omni-channel strategy, Deckers has opened a lot of new retail stores
the past years and has been a dominant driver of growth in the total revenue of the recent years. Next to that helps the vertical
integration reduce costs and does it improve the efficiency by decreasing transportation expenses and reducing turnaround time.
Further have not only retail stores shown an impressive increasing amount of revenues, but has the e-commerce segment also
been growing fast. In the end, all three segments have shown an impressive growth and tend to continue this trend in the future
for even more success. Looking at their return on capital employees, Deckers is getting more efficient. While their efficiency was
19,9% in 2014, it went up to 22,2% in 2015 and with that generates more shareholder value.

STAFF (10-11, 14-15)

Deckers consist out of approximately 3,400 employees in the US, Europe, and Asia, none of whom were represented by a union.
While opening a lot of new retail shops worldwide and expand their operations, we also see an increase in employees. Deckers
is looking for people who are good team workers, have good communication skills, are organized and excited about the compa-
ny. The red line in reviews is that the companies values arent communicated clear enough towards all the staff, which makes it
hard to make the right decisions that suit the company best. The executive management should pay more attention to the front
line employees and what they do for Deckers Outdoor Corp. So competency gaps which need to be filled, maybe even replaced
are good brand managers. While there is a lack of communication within the company, which ended in strange management
decisions, unclear communication flows, no steady long term plannings, management teams who are not on the same page
and systems that are not effective in supporting the management roles. This all makes it a chaotic environment with rough work
schedules. Further, with the lack of information, people are not able to fully understand the brands mindset towards culture,
style, and values.

SHARED VALUES (10-13)

Deckers honors itself for being an unconventional company to work for. In their California offices they enhance their employees
lives by providing services like car washes, the dress code is casual, dry cleaning, massage therapy, a fresh produce truck and a
premium coffee service. Its about one vision, many teams but one family. The Deckers way, which theyre describing as accoun-
table, business and innovation orientated, fun, customer-focused, team committed and encourages their employees to strike a
work-life balance. Deckers reputation is built on innovation and technical leadership. They go global while they think opportuni-
ties exist to market their products more broadly around the word, which theyre doing well with actively expanding to lifestyles
and cultures globally through segmentation and optimization of their brands. And at last is Deckers all about being a community,
wherefrom they want to make the world a better place to live in for both now as the future. Looking back, their strategies are
very aligned with the values but more fragile for competitive pressure. While theyve always been leading in the industry for
innovations their not that leading anymore through the increasing competition in the market who are taking over their technical
leadership and innovation role, like NIKE.

STYLE (10,11)

Although Deckers stands for; one vision, many teams, one family is the company not totally democratic. While its a very big
company with many employees, tasks are really divided and settled. Everyone has its individual tasks of most teams, which he or
she is responsible for. In that team, there is a decentralized decision making but handing work over towards higher people in the
structure, there isnt much value in their opinions anymore. Big decisions, in the end, are made by small groups or individuals.
In this way, people arent really encouraged to do better or challenged to take risks while their not getting the chance to show
off their work and ascend him- or herself within the company. On the other hand are a lot of people satisfied with having their
standard spot in the company.
4
FINANCIAL ANALYSIS
The cost structure of Deckers needs to be examined through two different businesses. Looking at the design, marketing and
wholesaling side of the business, we see very little fixed costs. Which is a result of outsourcing the manufacturing process and
allows for more flexible production costs. These low costs result in low operating leverage, which is generally safer in tougher
times. Since Deckers is implemented the Omni-Channel strategy, we have to analyze the costs related to the retail business
side. When going through their annual report of 2015, they state that their gross margins went up in the e-commerce and retail
segments. These retail stores have lease obligations, which are considered fixed costs. This means that it doesnt matter how
many products they sell, the payment will always be the same. The fact that the lease payment is due, increases the operating
leverage and can be both good and bad in the end. If sales drop, it still needs to pay the lease of the store. The operating margins
will then increase and can result in a net operating loss if the costs are too high to cover. But when sales will go up, the operating
margin will increase. Which has actually sort of happened.

While in 2014 their operating margin was around 13,4%, it decreased towards 12,4% in 2015. The reason for this increase was
the change in SG&A expenses primarily due to increased retail costs through opening 42 retail stores, increased E-commerce
costs largely related to marketing and advertising, the negative impact of foreign currency exchange rate fluctuations and incre-
ased expenses related to the international expansion of their E-commerce business. This loss was compared towards income
from operations for three months. So it is a logical decrease. Through these expenses, the net profit margin has increased from
9,4% towards 8,9%, but looking at Deckers gross profit margin their revenues went up with 1%. So focusing more on the retail
and E-commerce segments is increasing their revenue level but due to investment expenses decreased their net profit margin
went down.

These expenses were financed by the purchased obligations of 664,659 dollars. Wherefrom next to these expenses they entered
into contracts commitments of sheepskin that they advance specified minimum payment amounts. Very wisely while in 2012
they suffered through a cost increase of sheepskin, which was 40% higher than in 2011 and hit the gross margin by 4,5%. With
this contract, Deckers is assured of getting the amount of raw materials thats needed to make their growth strategy possible.

Looking at their operating- and financing cycle there have been some big changes. While the operating cycle of Deckers was
around 158 days in 2014 with a financing cycle of 91 days, nowadays the operating cycle is on 120 days with a financing cycle
of 109 days. Which says its efficiency went up from 58% to 91%, and means that nowadays Deckers finances themselves for
91% of the operating cycle, which is not good while you want suppliers to subside your business for a longer period of time. But
looking at ratio results, its not that bad. Knowing that Deckers entered a contracts commitment of sheepskin that they advance
minimum payments, its logical that their accounts receivable turnover goes down while they need to pay their bills sooner. With
this, the inventory has also lowered which is a good thing while there selling better and through focusing more on the retail and
E-commerce segments the accounts receivable turnover has increased. So the company is also receiving its money quicker than
before, which makes it possible to pay suppliers sooner through sufficient resources to pay its immediate bills.

5
EXTERNAL ANALYSIS
After gaining a good perspective on how the company internally is constructed, lets look at the external factors; the industry
and consumers. How is the industry their operating doing, what is their market share, on which target group are they focu-
sing, whom are they actually reaching and who are they missing out on. Like said before, Deckers tries to grow their internati-
onal impact. Therefore, I will put a focus on competitors who are also operating internationally and customers outside the US.

INDUSTRY ANALYSIS (15, 17,18,21,22,30-36)

Through the rise of fast fashion: attractive pricing and seasonal fashion trend offers, total expenditures are rising (see figure 1).
People own more pair of shoes than ever before, and are willing to pay a higher price. The total industry revenue has than also
grow from 31616.8 in 2006 to 3524.0 millions in 2014, wherefrom Deckers share of the market has grown from 1% to an impres-
sive 4,5%, representing a total market share of 21,07% (see figure 2). When we look at figure 3 and 4 we can see that while the
total industry revenues fell through the recession, Deckers was strongly enough to continue their revenue growth. But looking
at more recent years, Deckers revenue growth slowed down. In the last three years, Deckers CAGR fell strongly to just 4,85%
while the industry revenue CAGR fell modestly to 3.26%1. This decrease comes from the increasing market share of its highest
competitor: Nike. However Deckers has been able to claim an impressive amount of market share over the last couple of years is
further improvement questionable.

Looking more specific at Deckers Revenues, we see that most money is generated from wholesaling their products, but growth
is slowly decreasing through the increasing sales of the retail and e-commerce segment. Globally we see that the e-commerce
segment is growing (figure 6), and for Deckers is there than also a growth of 37,5% (see figure 5). But while online commerce
will remain an important platform for new and niche brands to gain their footing, it will not replace the experience of shopping
at traditional stores. In that way we also see a big growth of 17,6% in the retail segment (see figure 5). Knowing these numbers
its more than logical that Deckers is investing in new stores and improving their Omni-channel. Besides, with the US and EU
spending growth slowed by recessions, China and other Asian countries will have to rely less on exports for economic growth
and more on their domestic markets. As a result, a greater share of the global growth of consumer spending will take place in
emerging markets and companies must be prepared to accommodate these new customers. So again, its really smart that
their expanding their retail segment, mostly in Asia, so they can meet towards customers demand and make their products really
accessible through a good Omni-channel.

Further can we see in figure 8 that the sales of womens shoes account over half of the total retail sales. But while sales of child-
rens shoes only present 19% of the total sales now, is it expected that theres going to be a large growth based on historical con-
sumer trends. Knowing this Deckers could think about narrowing their focus on a more specific segment; as childrens footwear.
1
. Slideshare.net. (2016). FINAL - Deckers Brands - Final Term Project. [online] Available at: http://www.slideshare.net/ChaseLindsey/final-deckers-brands-final-term-project [Accessed 1
Jun. 2016].
2
. Velasquez, A. (2015). 7 Global Trends Shaping the Footwear Industrys Future Consumer. [online] Vamp.
Available at: http://vampfootwear.com/7-global-trends-shaping-footwears-future-consumer/ [Accessed 1 Jun. 2016].
. Velasquez, A. (2015). 7 Global Trends Shaping the Footwear Industrys Future Consumer. [online] Vamp. Available at: http://vampfootwear.com/7-global-trends-shaping-footwears-fu-
ture-consumer/ [Accessed 1 Jun. 2016].

CONSUMERS (10,11,30)

While Deckers brands has mainly focused itself on young people over the last year. Deckers success comes mostly from the huge
growth of UGG. A brand thats made for young people that look for footwear that is comfortable but fashionable. The brand
grew and grew so big that everyone was, actually still is wearing UGG footwear. But while the UGG trend in fashion is slowly
slipping away, the demand for comfortable but still nice looking footwear for a bit older people has growth and their slowly
putting a bigger focus on older people than they did before. Were talking about people that are between there 30 and 40 years,
relaxed, cozy family people and quality orientated. Reasons why these people by Deckers products are because theyre looking
for footwear that is functional but still nice looking. So in the winter, they would wear the classic UGG boots while their incredi-
bly comfortable and warm, and in the summer they would go for a pair of Teva sandals while the design is simple and classic but
they wont hurt your feet after a few hours of walking.

The good thing theyre doing is that while being lifestyle brands, they look for a focus point. But in that way, theyre also missing
out on potential customers. Potential consumers as the baby boomers. While a high percentage of the society nowadays is quite
old, there is a huge demand for footwear that is more practical and comfortable, than design focused. Mostly what Deckers
products are about. But while keeping the focus on people between 30 and 40 years, they miss out on a huge target group that
would have good potential for a revenue growth.

6
FIGURE 1
FIGURE 4

FIGURE 5
FIGURE 2

FIGURE 3

FIGURE 7

FIGURE 6 7
SOCIAL ECONOMIC ANALYSIS
POLITICAL (10,30)

Being a global company, Deckers has a very complex regulatory and political environment, because it operates in different
segments, especially with the expansion of new channels. Deckers faces concerns about the sourcing of its raw materials. While
most of their independent manufacturers are located outside the US, they are subjected to the risks of international commerce.
Foreign manufacturing is subjected to numerous risks as; increasing transportation costs and a limited supply of international
shipping capacity; increasing labor costs; local content rules on raw materials and finished products, including the potential
threat of anti-dumping duties and quotas etc. These factors could severely interfere with the manufacture of shipment of their
products. This could make it difficult to obtain adequate supplies of quality products when they need them, thus materially
affecting their sales and results of operations. Besides are they depending on a limited of key sources for certain raw materials.
For, sheepskin, the raw material used in many of their UGG products, they rely on two tanneries. In the past, Deckers had a
major drop in net income through a 40% higher cost of sheepskin, which resulted in a declining gross profit margin. Knowing that
theirs a big change these prices will increase again in a few years, Deckers should think of new materials or additional technical
requirements for their products. Because their ability to increase their selling prices and implement other cost-saving measures
is not very convincing.

ECONOMICAL (24,25,30)

The biggest trend we have seen in the last few years of the footwear industry is the truly global scope, in that manufacturers
can now sell different products that are produced in different countries and spanning many different continents. A multinational
strategy is necessary to implement because it allows manufacturers to increase their revenues by focusing on selling their pro-
ducts in countries with rapidly growing economies. The most economic growing nation still remains China. Even though the Asia
economy is no longer expanding at the pace it did a few years ago. Chinas expected growing percentage is still on 7%(Source:
23). Directed towards this trend Deckers opened a large majority of new stores in China, with the remaining new stores in Japan,
Canada, and Hong Kong. Which resulted in an impressive growth of international net sales, namely 18,9%. While the US net sales
have a growth of 8,5%.

Next to that will the foreign currency exchange rate be a risk with business outside the US. The state of the global economy con-
tinues to influence the level of consumer spending for discretionary items. Which affects Deckers business, as it is highly depen-
dent on customer demand for their products. While there purchases from overseas factories are currently denominated in US
dollars, certain operating and manufacturing costs of the factories are denominated in other currencies. As a result, fluctuations
in these currencies versus the US dollar could impact their purchase prices from the factories in the event that they adjust their
selling prices accordingly. However, in order to maintain a speedy turnaround time for certain products, U.S. manufacturers must
retain some manufacturing plants within the United States.

SOCIO-CULTURAL (10,25-30)

Through the individualization of the society, there is an ever-growing demand for personalized items, improved customer service,
an engaging shopping experience and immediate availability. People know what they want, and they want it now. Which is chal-
lenging for a company as Deckers while the footwear industry has relatively long lead times for design and production, they must
plan their products tooling and projected volumes many months before consumer tastes become apparent. The footwear and
fashion industry is subject to rapid changes in consumer preferences, making it difficult to accurately forecast demand for their
products and their future results of operations. Another challenge for Deckers will be the personalization trend. Brands as NIKE
and Adidas are really integrating this trend into their strategy, which is very successful at the moment with the growing demand,
where Deckers can lose a lot of profit on through not including it in their concepts. On the other hand are NIKE and Adidas fo-
cused on a younger target group and is Deckers target group less focused on personal products. They are people who have more
money to spend, care about the global community and want to know that the brands they purchase from doing, too. Even while
Deckers products are produced with a conscious and socially responsible mindset, it will be challenging to maintain these actions
while offering qualitative products for a reasonable and attractive price. Further, can the aging population really be an opportu-
nity for Deckers. While in some developed countries the demand for walking shoes may gradually increase over sports shoes and
school shoes.

8
 TECHNOLOGY (10,19,20,28,30)

The level of technology change is massive. Technological advancement in the Global footwear manufacturing industry has grown
over the last years and leads to great opportunities for a company as Deckers. New materials have entered the market, smart
ways of designing, increasing use of machines, which makes the production less labor intensive. A trend Deckers tries to keep
up with through innovative thinking, but measured towards their competition, companies as NIKE and Adidas are way ahead of
them and could be a threat to the market share of Deckers.
Internet technology has connected the world and is used to communicate product information globally. This has further interna-
tionalized global supply chains in the worldwide footwear manufacturing industry with companies operating in various inter-
national locations. Today, mobile devices account for 30 percent of global retail e-commerce. This is why industry leaders must
learn to perfect their Omni-channel experience to ensure its both consistent and channel agnostic. A retail landscape that offers
uniform engagements and service across all channels will be the answer to customer loyalty. Through opening a lot of new inter-
national stores and investments in developing a slicking Omni-channel, Deckers is already adopting this trend in their strategy.

SWOT ANALYSIS
STRENGHTS
Deckers has been able to build an impressive diverse portfolio of popular recognizable brand names. The brand UGG Australia
has growth to a lifestyle leading brand and has become a must have in the winter wardrobe of young womens. Deckers brands
has further been able to take advantage of its outsourced manufacturing, where the control of the company is impressive while
their not even doing it themselves. This tight control allows the company to manage stock on hand and manage key inputs
effectively. Additionally, Deckers has been very smart with maintaining good relationships with their suppliers and key retailers
as Nordstrom. The company can leverage its existing relationships to help maintain its competitive edge. These relationships also
reduce the companys threat of new entrants.

WEAKNESSES

Deckers has struggled with good communication skills from its corporate management. While the company is divided into six
segments, their has been a lack of good communication between those segments which has ended in strange management
decisions, unclear communication flows, no steady long term plannings, management teams who are not on the same page
and systems that are not effective in supporting the management roles and makes it an chaotic environment. Further has the
company struggled with its growing demand for sheepskin for UGG, while there are only two tanneries that meet their expecta-
tions. Deckers is taking action to combat this however. They entered into contracts commitments of sheepskin that they advance
specified minimum payment amounts.

OPPORTUNITIES

A great opportunity for Deckers is international expansion. While the demand for active footwear is growing in upcoming eco-
nomies, and the globalization of todays society, Deckers should take advantage of it. Deckers competitors must rely on good
relationships with international retailers to expand while Deckers has been doing this for a few years already through opening its
own shops located outside the US.

THREATS

The most prominent threat to a company as Deckers is its competition and rivalry. As mentioned is the industry Deckers operates
in known for being highly competitive and fragmented. Although these difficulties has Deckers been able to place itself in the top
of the industry. To continue this success they need to be able to outperform industry-wide growth from its competitors and sell
more than their doing, wherefore Deckers is successfully growing their international market. But while going more international,
theyre also dealing with the current foreign rates and weaker Communications risks.

9
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