The investment fund, which is trying to replace all 10 Deckers directors with its own slate, files its proxy statement with a plan that it says would increase EPS from $3.82 in FY17 to $12.68 by FY 2021 by selling off all the smaller brands, streamlining the retail portfolio, instituting cost-cutting measures in line with what it says are peer levels and using the cash raised from the brand sales to buy back stock. The plan envisions only modest growth for the Ugg brand, but sees the moves increasing ROIC from 17% now to 32% by 2021.

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