Skechers announces its going private after being acquired by 3G Capital

(CNN, KYMA/KECY) - Skechers is getting out of the public market and going private amid President Donald Trump's trade war.

The footwear company announced Monday that investment firm 3G Capital will pay more than $9 billion for the brand. This comes out to $63-a-share, a 30% premium of the company's stock.

Southern California-based Skechers is the world's third largest shoe company.

It and other footwear brands are vulnerable to the Trump Administration's tariff policies.

In a letter to the president last week, Skechers, Nike, Adidas and others urged President Trump to exempt its industry from tariffs.

The companies said substantial cost increases represent a "existential threat" to U.S. footwear businesses and families.