Skechers Responds to Nike Patent Lawsuit
November 16 2023 - 9:05AM
Business Wire
Skechers Believes Lawsuit Is Nothing More
Than an Attempt by Nike to Force Out Legitimate Competition Using
the Courts Rather Than the Marketplace
Skechers U.S.A., Inc., The Comfort Technology Company™,
announced today that it will vigorously defend the patent suit
filed against Skechers by Nike in California federal court on
November 6, 2023.
Nike sued Skechers for allegedly violating its Flyknit patents.
Flyknit is a lightweight yarn woven into a one-piece shoe upper. A
Skechers spokesperson stated: “We believe that this lawsuit is
baseless. Many brands have been making shoes using knit uppers for
years. Skechers has been designing shoes using various forms of
knit uppers for close to a decade. Skechers respects the
intellectual property rights of other companies and invests
tremendous resources into developing its own unique styles and
footwear technology rather than preying on the rights of others.
Skechers believes that this lawsuit is an example of how Nike uses
its vast financial resources to stifle competition rather than
compete in the marketplace. Skechers also believes that Nike uses
its market power in an attempt to monopolize the footwear and
sports apparel industries through exclusive arrangements, which, as
a practical matter, forecloses viable and meaningful competition
for high-profile athletic sponsorships. Skechers expects to
completely vindicate itself and is looking forward to its day in
court.”
About SKECHERS U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based
in Southern California, designs, develops and markets a diverse
range of lifestyle and performance footwear, apparel and
accessories for men, women and children. Collections from The
Comfort Technology Company™ are available in over 180 countries and
territories through department and specialty stores, and direct to
consumers through digital stores and approximately 5,000 Company-
and third-party-owned physical retail stores. The Company manages
its international business through a network of wholly-owned
subsidiaries, joint venture partners, and distributors. For more
information, please visit about.skechers.com and follow us on
Facebook, Instagram and TikTok.
This announcement contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements may include, without limitation, Skechers’ future
domestic and international growth, financial results and operations
including expected net sales and earnings, its development of new
products, future demand for its products, its planned domestic and
international expansion, opening of new stores and additional
expenditures, and advertising and marketing initiatives.
Forward-looking statements can be identified by the use of
forward-looking language such as "believe," "anticipate," "expect,"
"estimate," "intend," "plan," "project," "will," "could," "may,"
"might," or any variations of such words with similar meanings. Any
such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected in
forward-looking statements. Factors that might cause or contribute
to such differences include the disruption of business and
operations due to the COVID-19 pandemic; delays or disruptions in
our supply chain; international economic, political and market
conditions including the effects of inflation and foreign currency
exchange rate fluctuations around the world, the challenging
consumer retail markets in the United States, and the impact of
wars, acts of war and other conflicts around the world; sustaining,
managing and forecasting costs and proper inventory levels; losing
any significant customers; decreased demand by industry retailers
and cancellation of order commitments due to the lack of popularity
of particular designs and/or categories of products; maintaining
brand image and intense competition among sellers of footwear for
consumers, especially in the highly competitive performance
footwear market; anticipating, identifying, interpreting or
forecasting changes in fashion trends, consumer demand for the
products and the various market factors described above; sales
levels during the spring, back-to-school and holiday selling
seasons; and other factors referenced or incorporated by reference
in Skechers’ annual report on Form 10-K for the year ended December
31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking
these and other risk factors associated with the COVID-19 pandemic
into consideration, the dynamic nature of these circumstances means
that what is stated in this press release could change at any time,
and as a result, actual results could differ materially from those
contemplated by such forward-looking statements. The risks included
here are not exhaustive. Skechers operates in a very competitive
and rapidly changing environment. New risks emerge from time to
time and we cannot predict all such risk factors, nor can we assess
the impact of all such risk factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements. Given these risks and uncertainties,
you should not place undue reliance on forward-looking statements
as a prediction of actual results. Moreover, reported results
should not be considered an indication of future performance.
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Jennifer Clay SKECHERS U.S.A., Inc. jennc@skechers.com (310)
937-1326
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