3G Capital Partners L.P. will acquire the third-largest sneaker company for about $9.4 billion, bidding $63 per share, or about 18x earnings, in a deal that has already received unanimous approval by SKX’ board of directors.

Against the backdrop of what appears to be softening on both sides of the U.S.-China standoff, the Footwear Distributors & Retailers of America wrote the White House last week seeking to get footwear placed on a potential list of exemptions from reciprocal tariffs.

Net income improved 48% to $2,619,000 from $1,775,000 in the first quarter, though revenues contracted 3% to $55,479,000 from $57,304,000, pulled down by lower demand for basketball and table tennis products.

Branded segment revenues at the Swedish outdoor company grew 32% in the first quarter to €59.6 million ($62.7 mm) from €45.2 million, attributed to the addition of Fjällräven’s wholesale operations in the U.S. and Canada.

HELE announced that Noel Geoffroy is stepping down from the top job, effective immediately, and will be succeeded on an interim basis by current CFO, Brian Grass.