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Deckers buys TSUBO, a high-end casual footwear company

May '08
Deckers Outdoor Corporation announced that it has acquired 100% of the ownership interest of TSUBO, LLC. The purchase price is approximately $6 million in cash plus a potential future earn-out, subject to customary working capital adjustments.

The Company stated it does not expect the acquisition to affect its previously announced diluted earnings per share outlook for the remainder of the year.

Founded in 1998 and headquartered in Carlsbad, California, TSUBO is a high-end casual footwear company with products for men, women and children. The brand is the synthesis of ergonomics and style, with a full line of sport and dress casuals, boots, sandals and heels constructed to provide consumers with contemporary footwear that incorporates style, function and maximum comfort.

The company utilizes a proprietary bubble outsole design as well as eco-friendly materials in the design and manufacturing process in order to achieve their distinct look and feel. TSUBO products are sold throughout the United States primarily at better department stores, as well as in more than a dozen countries worldwide. For the year ended December 31, 2007, TSUBO reported sales of approximately $10 million.

Angel Martinez, President and Chief Executive Officer of Deckers, commented, "We are pleased to announce this acquisition and believe that TSUBO represents an ideal complement to our existing portfolio of lifestyle brands. TSUBO's target consumer, product selection, industry niche and relative under-penetration in the marketplace make it an extremely good fit for us.

In addition, TSUBO's commitment to quality distribution and its unique Performance Comfort platform allow us to develop a compelling brand story for the global marketplace. We are confident that we can leverage our design, marketing and distribution capabilities to grow TSUBO into a meaningful business over the next few years, consistent with our mission to build niche brands into global market leaders."

The acquisition was funded with existing cash balances.

Deckers Outdoor Corporation

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