When Patience Pays Off

Robert Greenway just sold Sketchers to 3G Capital for $9.4B, pocketing over $1B personally. A 30-year journey from LA Gear castoff to global giant.

The company didn’t chase trends. No splashy collabs. No tech pivots. Just global scale, operational discipline, and relentless consistency.

Key Stats:

• $9B+ in sales, majority from international

• 4,700+ stores across 170+ countries

• Still founder-led with tight family control

• Public stock up 15x since IPO in 1999

Skechers succeeded because it focused on profitability, scaled globally, and avoided the hype cycle entirely. Strategic patience and control turned compounding into a $9B outcome.

In the age of venture churn and DTC blowups, Sketchers proves old-school compounding still wins.

The Cost of Burning Bright

Once a Wall-Street darling, Allbirds now trades at ~$40M market cap, despite ~$200M in annual revenue.

By the end of 2024, the brand had $66M in cash — and had already burned $93M that same year. That’s not a blip. That’s a breakdown.

Customer love is still there. But the business model? Falling apart.

Why it’s struggling:

• CAC too high

• Retention too soft

• Fixed costs don’t flex

Retail hasn’t saved it. The product isn’t the problem — the model is. You can build love and still lose money. And the public markets have stopped paying for potential.

How Brands Quietly Lose Millions

Jack Wolfskin didn’t explode. It eroded.

Over 13 years, the brand has been through three owners.

• Blackstone (2011) - $800M

• Callaway (2019) -$475M

• Anta (2025) - $290M

Despite holding steady at $350M in revenue, EBITDA is just $13M — and that’s just what buyers are pricing.

Meanwhile, Helly Hansen exited at $900M on far stronger fundamentals. The gap is clear: when the story stops evolving, the multiple compresses — even if revenue doesn’t.

Flat profit. Flat relevance. Flat outcome.

Podcast Recap: Fan Bi x Debbie Way Mullin (Copper Coffee Cow)

How to Win in Beverage, DTC, and Online

In episode 2 of In the Money, I sat down with Debbie Way Mullin, founder of Copper Cow Coffee, to break down how she’s navigating tariffs, shifting consumer behavior, and changing the retail landscape — without losing her brand’s soul.

We covered:

• Navigating sudden tariff changes and sourcing uncertainty

• Why consumers moved from flavor drops to value packs

• Using DTC as a testing ground — not a growth engine

• The long (and expensive) path to organic certification

• How to keep your brand identity while simplifying everything else

This is a must-listen for any CPG founder navigating margin pressure, retail expansion, or post-DTC reality. Watch on YouTube, listen on Spotify.

Deal in the Market:

Sharing a deal on behalf of a friend:

A hair care brand doing ~$5M in annual revenue, mostly through retail, with 50% gross margins. It hasn’t figured out online and needs a balance sheet cleanup. If you're a serious buyer, DM on X or connect on LinkedIn for an intro.

Takeaways:

1. Profitability is back in style — and it’s being priced accordingly.

2. Control Matters: Founders who own their path can own their exit.

3. Brand alone doesn’t hold value without business fundamentals.

4. Public markets are ruthless about burn and vague narratives.

5. In a tight capital environment, execution is the only real differentiator.