Investment Thesis
Deckers Outdoor owns HOKA, UGG, Teva, and Koolaburra footwear and apparel brands. Direct-to-consumer expansion, product innovation, and controlled distribution fuel outsized growth and margins.
- HOKA Momentum: Performance running and lifestyle adoption drive multi-year growth.
- UGG Brand Heat: Fashion collaborations and slippers sustain demand beyond winter.
- DTC Mix: Owned e-commerce and stores lift gross margin and data insight.